A new report released by Arcview Market Research on Tuesday says the legal marijuana industry is expected to generate nearly $40 billion in economic impact by 2021. That would be roughly a 150% increase in economic output from the $16 billion cannabis generated in 2017. The report provides estimates on cannabis’s total economic contribution, direct and indirect jobs created and tax receipts from each of the 35 states that are expected to have medical and, or recreational marijuana by 2021, according to a news release. “Across the country, Americans are worried about being able to find jobs and support their families,” Arcview Market Research Editor-in-Chief Tom Adams said in a statement.
“The numerous employment opportunities created by the cannabis industry, especially in states that are legalizing adult use, cross the spectrum from retail and service jobs to science, technology and other traditional professions.” The report estimates that legalization of adult-use, or recreational marijuana sales in California, which began on Tuesday, will create nearly 146,000 cannabis-related jobs in the state in four years. As California joined some 28 other states, and the District of Columbia, that have legalized recreational marijuana stocks of companies tied to the industry saw big share gains on Tuesday.