On October 27, 2016, the Marijuana Policy Project issued a report for 2015 stating that the state-legal medical marijuana industry had a $2.4 billion economic impact on the Colorado economy. The cannabis industry, the fastest-growing business sector in Colorado, is credited with funding 18,005 direct and ancillary full-time jobs in 2015, according to the report. The Marijuana Policy Group (MPG) who issued the report, is a Denver-based economic and market research firm that consults with businesses and governments on marijuana policy.
What Does This Mean For the State of Colorado?
The size of the marijuana industry is quite substantial now and the world is taking notice. As a result, new jobs are being created and operating businesses are generating substantial revenue. However, in the coming years, the estimated growth rate will eventually slow to about 11.3 percent as visitor sales drop off as more states legalize, according to the report.
By 2020, Colorado’s marijuana industry is expected to surpass tobacco as the state’s largest excise revenue source, but cannabis sales also should reach a saturation point, MPG said. As such in Colorado, the cannabis industry generates more economic output and employment per dollar spent than 90 percent of other industries, according to MPG’s report.
Click here to read the MPG’s report in full.
Not All Positive News.
But there is a down side for the marijuana industry. As the marijuana industry in Colorado continues to grow, so will the problems that the industry will face on a day-to-day operating basis. Business owners in the marijuana industry can expect an increase of claims such as product liability claims, customer slip and fall claims, Americans with Disabilities Act (ADA) claims, shareholder lawsuits, and other types of problems that affect any large business. However, this is merely the cost of doing business and one of the prices for success in the U.S.
Be Prepared, Don’t Wait Until It’s Too Late.
Those involved in the marijuana industry, especially business owners, need to be prepared to ensure they are in a position to defend lawsuits like those mentioned above. Business owners should make sure they are adequately insured and hire legal professionals with experience in marijuana law to provide adequate advice on important issues.
To read more on the status of the marijuana industry and how The Health Law Firm can assist you, click here.
Contact Experienced Health Law Attorneys for Medical Marijuana Concerns.
The Health Law Firm attorneys can assist health care providers and facilities, such as doctors, pharmacists and pharmacies, wanting to participate in the medical marijuana industry. We can properly draft and complete the applications for registration, permitting and/or licensing, while complying with Florida law. We can also represent doctors, pharmacies and pharmacists facing proceedings brought by state regulators or agencies.
To contact The Health Law Firm please call (407) 331-6620 and visit our website at www.TheHealthLawFirm.com.
Levine, Steve. “Marijuana Industry has $2.4bn Economic Impact on Colorado.” AHLA Weekly. (October 27, 2016). Web.
Wallace, Alicia. “Report: Colorado weed is now a behemoth with a $2.4 billion economic impact.” (October 26, 2016). Web.
About the Author: George F. Indest III, J.D., M.P.A., LL.M., is Board Certified by The Florida Bar in Health Law. He is the President and Managing Partner of The Health Law Firm, which has a national practice. Its main office is in the Orlando, Florida, area. www.TheHealthLawFirm.com The Health Law Firm, 1101 Douglas Ave., Altamonte Springs, FL 32714, Phone: (407) 331-6620.
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