Business

Federal Cannabis Tax Revenue May Hit $44 Billion in 9 Years

As retail revenue continues to grow in the legal cannabis industry, so will jobs, business opportunities, payroll and of course, tax revenue produced for the federal government. The current total federal tax revenue is estimated at $2.9 billion for the 2017 fiscal year. That same tax revenue is expected to grow consistently year over year, eventually reaching $6.7 billion by 2025. Currently, around 200,000 jobs exist in today’s legal cannabis market. In contrast, by 2025 projections anticipate a total of around 630,000 industry-specific jobs from owners, to farmers, manufacturers, budtenders and more. When all is said and done from payroll taxes and with businesses unable to exempt common business deductions under IRS rule 280E, the US federal government stand to make an estimated total of 44 billion dollars between 2017 and 2025.

SOURCE: Marijuana Retail Report

Federal Cannabis Tax Revenue May Hit $44 Billion In 9 Years

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