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Predicted $106 Billion in Tax & 1 Million Jobs From Legalized Cannabis

Predicted Tax Jobs From Legalized Cannabis Weed Recommend

A possible one hundred and six billion dollars of new tax revenue could be generated as well as  one million new jobs created by 2025 if cannabis is legalized across all 50 states of America, That’s according to new data published in New Frontier’s latest research paper on the issue, which you can get here https://newfrontierdata.com/product/us-economy-2018/

“Under the new business tax rate of 21 percent, the Trump tax cuts will come as welcome relief to cannabis business owners who already face tax hurdles because of 280E. Lower tax rates may provide cannabis business owners greater capacity to grow and create more jobs. New Frontier Data projects increased domestic and international expansion of new legal cannabis markets and $106 billion in tax revenue over an eight-year period in the U.S.,” said New Frontier Data CEO Giadha Aguirre De Carcer.

This report examines three aspects of what full legalization would look like in contrast to the current, state-by-state patchwork of legalized environments, and the anticipated impacts which full nationwide legalization would hold for the U.S. Treasury.

  • If full legalization occurred in all 50 states today, there would be an excess of 654,000 jobs, and would increase to 1 million jobs by 2025.
  • Full legalization would result in more legal businesses entering the market, more consumers participating in the legal market, and more employees on official payrolls, resulting in $3.3 billion in payroll taxes. By 2025, payroll deductions would increase to $5.3 billion.
  • Assuming a sales tax at the federal level was implemented at 15%, the total tax revenues from 2017–2025 would theoretically be $46 billion. This amount of revenue would be entirely new revenue to the U.S. Treasury, as there are currently no federal sales or excise taxes.
  • By combining the business tax revenues, the payroll withholdings based on the theoretical employment required to support the industry, and the 15% retail sales tax, one can calculate the total federal tax revenue potential of legalization: The combined total is estimated to be $105.6 billion.
  • The difference between the current structure and the theoretical model is a $61.6 billion increase in federal tax revenues.

About New Frontier Data:
New Frontier Data provides objective, rigorous and comprehensive analysis and reporting for the nascent and under served cannabis industry worldwide. New Frontier Data’s analytics and reports have been cited in over 65 countries around the world to inform industry leaders. New Frontier Data, the premiere and only Big Data shop in the sector looks beyond the plant cultivation and distribution, to raise the industry bar and improve visibility into what will inevitably soon be a mature and more complex global market. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. and has additional offices in Denver, Colorado.

New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate are to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry. For more information about New Frontier Data please visit: www.newfrontierdata.com.

Source

New Frontier Data’s Executive VP of Industry Analytics, John Kagia and California Cannabis Cultivator, Swami Chaitanya talk legalization of cannabis in California on BBC World News.

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PotCoin – The Cannabis Industry’s Cryptocurrency

Weed Recommend Potcoin

Potcoin is, in my opinion, the cannabis industry’s very own version of bitcoin – using the blockchain technology that cryptocurrencies like bitcoin are based on. The main use of the currency has been to bypass the banks who are refusing to provide cannabis dispensaries with the same financial services that other legal businesses are accustomed to – like holding money. These policies by the big financial institutions have left cannabis businesses vulnerable to opportunist armed thieves, needing heavy security to hold the large sums of cash generated at weed shops

Rivals

Potcoin, having been up against a few other cannabis themed cryptocurrencies early on in it’s life, has emerged as one of the leaders in becoming an industry standard digital payment method. The other cannabis based crypto currencies never really caught up with the spread of Potcoin and have slowly faded into the background. Potcoin has been adopted as the main cryptocurrency (or altcoin) by a vast number of cannabis industry vendors – even over more mainstream currencies like BitCoin, Dash, Etherum , Litecoin etc

Dash is seeking to do the same job for dispensaries as Potcoin so is there room for both? I’m guessing yes, with room for a few more altcoin. When you consider that most Potcoin owners are from the wider cannabis community and many businesses accept it then you can only assume it will be here to stay, albeit among others

Privacy

If privacy is a concern for you – Potcoin, like other cryptocurrencies allows for you to remain anonymous when purchasing cannabis industry products and services as there is no personal details needed to own a wallet –  *some websites offering wallets may require personal details*  You can keep your anonymity if you need to as you can make as many different wallet addresses as you like

Potcoin Wallets

You can own a wallet on your computer and other devices or have an online website hold it for you…or both. Having your own wallet on your computer has some great advantages over online wallets. One being that Potcoin wallets can be moved to a portable hard drive for safe keeping. The other one is that keeping Potcoin in a wallet on your computer or other devices means your Potcoin isn’t vulnerable to being stolen or disappearing from the online wallets provided by websites who could come under attack from hackers. The other great advantage to having the Potcoin wallet running from your computer or device is that you can yield a 5% annual return on your Potcoin just by being a node on the network, which helps speed up the network and transactions, I like that part!


Here’s a brief introduction video on Potcoin, produced by PotWallet.com where you can download the PotCoin Wallet to keep on your computer or portable device or you can use one of their online wallets – Recommended if you’re a technophobe

What is Potcoin? – Digital Currency for the Cannabis Industry

“PotCoin www.Potcoin.com was designed to empower, secure and facilitate the legal cannabis community’s transactions by creating a unique crypto currency for this thriving industry. PotCoin removes the need for cash transactions and encourages buying through consumer incentives. On every level of the cannabis industry, users and supporters can entrust PotCoin to extend credibility, stability and security to this growing market” – Potwallet.com

I encourage all of the cannabis family to research the currency as well as the many other good cryptos out there. Potcoin is my first choice if my vendor accepts it as payment because I feel like it is ours – the cannabis community’s to use and value. The idea is that the more people who buy and use PotCoin the more the currency is worth and the more stable it becomes. Beware though, if you are trying to make some money through trading it remember that cryptocurrencies are volatile so can change in value very quickly. If you are taking the leap to buy and hold Potcoin for the long haul in a hope that the value increases then only gamble with a small amount of money, small enough that you won’t miss it if its lost, All currencies fluxuate in price so are a gamble, crypto is just a  much bigger gamble with much bigger losses and gains to be had. Please do lots of research if your intention is to trade any crypto


You can get Potcoin and learn more about it through the links below:

PotCoin Official Website – http://www.Potcoin.com

PotWallet – Potcoin Wallet & Trading Platform – http://www.PotWallet.com

PotCoin Community Forums & Discussions – http://www.reddit.com/r/potcoin/

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Digital Currency Looks to Solve Cannabis Industry’s Cash Problem

Originally posted on CoinTelegraph.com

Digital currencies may solve some the legal cannabis industry’s woes by becoming an alternative to cash payments. Despite recent state-level ballot initiatives across the US that legalizes marijuana in one form or another, the drug still remains illegal at the federal level. While it’s unlikely the feds are going to go after legal cannabis dispensaries any time soon, the legal murkiness does create one serious problem.

Cash-only

Banks won’t deal with cannabis dispensaries.

Consider the ramifications. No banking means no payment processing, which means customers can’t use credit or debit cards to make purchases. According to a 2016 survey, 75 percent of customers prefer to pay with credit or debit cards, with only 11 percent preferring to pay with cash.

Unfortunately, dispensaries can’t give customers what they want – payment methods other than cash – because banks won’t do business with them. Consequently, the customer is inconvenienced and the merchant loses potential sales.

A lack of banking causes even more serious problems. Since the industry is forced to accept only cash for payments, marijuana dispensaries are an excellent target for robbers and thieves due to the large amount of cash they keep on premises.

There’s still a larger problem than that, which is perhaps the biggest of all: dispensaries have great difficulty paying their expenses. Utilities, tax assessors and vendors would much rather not be paid in cash, and some vendors may not even accept cash payments.

The cost of protecting large sums of cash is prohibitive. The need for armored cars, safes and guards depletes the bottom line. It’s been estimated that cash handling expenses can amount to 10-15 percent of sales.

Changes are coming

Seeing an opportunity to gain access to a $6.7 bln market, the digital currency Dash partnered with Alt Thirty Six in April 2017. The Dash network, through its decentralized self-funding mechanism, is paying the company $496,000 to integrate Dash as a payment option in the cannabis industry’s point of sale (POS) systems. The vendor also has skin in the game, having spent nearly $700,000 of their own money developing the POS platform.

As part of this arrangement, Dash will be the only digital currency offered by the point of sale platform. According to the budget proposal submitted to the Dash network:

“We have three major verticals identified and solidified reseller partnerships that will adopt the Alt Thirty Six + Dash payment solutions:

  • Independent Software Vendors (ISV) – Music & celebrity apparel company (100+ online stores), online marketing automation partner (600+ clients), and more.
  • Value Added Reseller (VAR) –IBM, Sirius Computer Solutions, Industry Specific point-of-sale (POS) Partners
  • Ecommerce Retailers – Sirius Computer Solutions​”

The vendor has been making monthly progress reports to the Dash community and work continues apace. The platform’s initial release is scheduled for December of this year.

Going mainstream

The road to mainstream adoption of digital currency has to begin somewhere, and perhaps no other industry needs cryptocurrency as much as this one. Many have suggested that digital currencies could gain adoption by saving vendors money on credit card fees, and this is certainly possible. But such fees usually amount to no more than three percent.

With the legal marijuana industry, Dash has the potential to save merchants up to 15 percent, which would be a massive boon to their bottom line. Dash is suitable for point of sale use because of its InstantSend feature. Transactions sent via InstantSend are fully confirmed and irreversible in four seconds. Bitcoin transactions, by comparison, usually aren’t considered fully “settled” until six confirmations are received, which can take an hour or more.

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Ecologists worried about illegal marijuana farmers using lethal chemicals

Last year 57 percent of Americans told the survey’s pollsters that they “think the use of marijuana should be legal,” up from 52 percent in 2014.

The numbers from the the General Social Survey — a large nationwide survey conducted every two years and widely considered to represent the gold standard for public opinion research — comport with other national surveys last year, which found support ranging from the upper 50s to low 60s.

Gabriel, executive director of the nonprofit Integral Ecology Research Center, never imagined his scientific work would entail taking part in federal raids with a pistol in his holster. But everything changed in 2009, explains writer Julian Smith in his profile of Gabriel for biographic.com

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Why Marijuana is illegal ? – Epic Joe Rogan Rant

This is an epic compilation video of Joe Rogan explaining (and passionately ranting in parts) why the cannabis plant is illegal.

It helps connect some of the dots you may be missing in the complexity of the so called ‘war on drugs’ – which is really a war on people…mostly poor people. The video is accompanied by a nice background track and some simple but effective images that really helps drive Joe’s points home…The ‘war on drugs’ is the cause of the real harm but is kept in it’s perpetual state to profit a small number of already extremely rich people…

Source: Youtube Channel MjacobBarker

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Are we creating “Big Marijuana” – TEDx Talk

Hilary explains the far reaching impacts of Washington States historic 502 initiative, legalizing marijuana for recreational use. She explores the complex issues pertaining to big business entering into the marijuana industry.

One of the premier cannabis business and regulatory attorneys in the United States. As chair of Harris Moure’s Regulated Substances practice group, which includes the Canna Law Group, she helps cannabis companies of all sizes with their cannabis related legal issues.

In 2013, based on her work in the marijuana industry, The Puget Sound Business Journal named Ms. Bricken one of seven Deal Makers of the Year. In 2014 and 2015, she was named a “Rising Star” and a “Top Rising Star of Washington Women Attorneys” by Super Lawyers Magazine. Also in 2015, the Puget Sound Business Journal named Hilary to its Top 40 Under 40 list for business and leadership. Hilary frequently testifies before local, state, and federal government bodies regarding cannabis regulations. She also authors a weekly column for Above the Law (a widely read attorney website) featuring content on marijuana policy and regulation, and is a regular contributor to and editor of her firm’s Canna Law Blog.

This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at http://ted.com/tedx

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Instant Cannabis Coffee ? Its here!

Cannabis Coffee

Canncup is a new instant coffee product with cannabis infused into the mix

Although still waiting approval this cannabis coffee fusion product is a glimpse into the future of cannabis consumption. Its a convenient way to consume buds and beans for a busy cannabis consumer like myself. I like anything that makes me more efficient. I can medicate with a drink if I’m in a hurry ( I’m always in a hurry) and so this product will slot into my life just nicely.

The Canncup comes packaged in individual pods to match the common and hugely popular instant coffee products already in the non-cannabis markets. The Canncup coffee isn’t the only option either, there’s also tea and hot chocolate cannabis infused pods too. That means you can medicate with a caffeine boost in the morning with cannabis coffee (or tea) and finish off at night with a hot cannabis cocoa in the evening with the hassle of extracting and or cooking cannabis oils.

The cannabis coffee brand is the brainchild of Canadian company Cann Trust , the CANNCUP is apparently compatible with instant coffee makers such as Keurig models.  Each coffee pod has been estimated to cost between $3 – $4 per cup so it will be aimed at the wealthiest people around. Other cannabis and coffee businesses will no doubt start popping up to rival Canncup and we think that is a good thing. The more the merrier we say.

Here’s a video of a cannabis – coffee infusion to make your mouth water:

https://youtu.be/f7BuUkwtrp4

 

You can read more on the Canncup story here – cbc.ca

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Legal Weed Raises Excess Tax – Returned To Citizens

The problem with legalized cannabis use is that it raises so much tax that citizens can end up getting a chunk of it back to them in a rebate.

Residents of Colorado will be pleased when they get their share of the excess $50 million in taxes raised from the regulation of cannabis there. The law in the state of Colorado requires that any tax surplus be returned to the citizens…a lovely sweetener for any previous naysayers of legalization.

National financial institutions the world over must now be looking at these promising figures coming out of America as a solution (or part solution) to their economy woes. Money in the tens of millions of dollars is not to be sniffed at by local politicians so they will hopefully use this documented outcome for Colorado as a reference point if arguing for the legalization of cannabis trade.

When Colorado legalized cannabis for recreational use did they did one of the smartest things possible especially when it comes to the state’s infrastructure and education:

A 15% retail cannabis excise tax goes toward public schools and construction fees. Residents voted in November 2013 for an aggressive 10% sales tax and a 15% excise tax on recreational cannabis sales. Medical and recreational cannabis-related revenue also comes from a standard sales tax, as well as license fees. Cannabis-related revenue not allocated to the school fund goes towards such things as substance abuse programs, medical research, and police training.

Colorado state constitution limits how much tax money the state can take in before has to give some back to the citizens. That means Coloradoans may each get there own cut from the millions of dollars collected in the first year of legal weed.

The question people will be asking themselves is: “Why didn’t we do this sooner?”

Find related posts about Colorado HERE

 

 

 

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Marijuana Country: The Cannabis Boom Documentary

Harry Smith examines the issue of cannabis in the workplace, as Colorado employers work to reconcile a more-open cannabis culture with workplace rules that enforce zero tolerance.

The most touching parts of the documentary revolve around medical cannabis, in which Smith talks with families who have moved to Colorado because that’s the only way to get drugs they feel represent a last and/or best hope for their children.

 

More than a year has passesd since colorado became the first state in the nation to legalize the sale of recreational marijuana but sometimes the line between what’s legal what isn’t is still a little hazy…

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Time To Enact Appropriate Job Protections For Legal Cannabis Users

Brandon Coats leaves the courthouse at the end of the hearing with his attorney Michael Evans, right. The Colorado Supreme Court listens to arguments in the case of Brandon Coats, a quadriplegic medical marijuana patient who was fired from his job at Dish Network after testing positive for marijuana. Photograph by Kathryn Scott — Osler Denver Post via Getty Images

by Keith Stroup

Many observers were shocked and saddened when Brandon Coats, a quadriplegic who is authorized to use medical marijuana under Colorado state law, was fired from his job with Dish Network in 2010 after a positive drug test. Dish failed to make an exception for Coats, who used marijuana while off duty to control his seizures, and the company insisted on his being fired, leaving Coats no choice but to challenge this issue in court.

Specifically, Coats claimed that his conduct should have been permitted under the state’s Lawful Off-Duty Activities Statute, which makes it an unfair and discriminatory labor practice to discharge an employee based on the employee’s “lawful,” away-from-work activities. But the trial court, followed by the Court of Appeals and now the Colorado Supreme Court, have all ruled that the statute only protects conduct that is legal under both state and federal law — and therefore offers no job protection to Coats.

“Therefore, employees who engage in an activity, such as medical marijuana use, that is permitted by state law but unlawful under federal law are not protected by the statute,” Justice Allison H. Eid wrote in the opinion.

This case highlights one of the most pressing issues that needs to be addressed in the states that have legalized medical cannabis use — and the states that have adopted full legalization for all adults, as well. Although employees are protected from arrest and prosecution under state law by these various laws, they remain vulnerable to employment discrimination in almost all states.

Simply put, if an employer wants to insist on what they frequently call a “drug-free workplace,” they are legally permitted to do that — regardless of the unfairness this policy may cause, because we must note that they do not apply those same standards to off-job alcohol consumption or the use of prescription drugs.

Most Americans would strongly support the right of an employer to fire anyone who comes to work in an impaired condition. But smoking marijuana leaves one mildly impaired only for about an hour and a half; certainly smoking marijuana in the evening, or on the weekend, would have no impact on the employee who comes to work the following day.

What we really need is for employers in these legalized states to become responsible corporate citizens and to do the right thing: Stop penalizing employees, absent a showing of impairment on the job. But absent that voluntary shift in policy, the obligation is now on those of us who favor marijuana legalization to go back to the state legislatures in states that have legalized cannabis, either for medical use or for all adults, and enact appropriate job protections for those who use marijuana legally under state law.

Before being allowed to fire an employee who tests positive for THC, the employer must be required to demonstrate on-the-job impairment. Just as we do not permit someone to be fired for reason of their gender, religion or race, neither should we permit an employee to be fired simply because they elect to use marijuana legally under state law, without a showing of actual on-job impairment.

Otherwise we are requiring many medical-use patients to choose between relieving their pain and suffering and keeping their employment. And we are allowing employers to fire good, hard-working, loyal employees for off-the-job activities that are totally unrelated to their job performance.

And that is simply unfair, and it cannot be allowed to stand. So let’s get to work and fix this problem.

Keith Stroup is an attorney, author of “It’s NORML to Smoke Pot: The 40-year Fight for Marijuana Smokers’ Rights” and founder of the National Organization for the Reform of Marijuana Laws, where he serves as legal counsel.

Original article:  http://www.thecannabist.co/