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The Street
The Street
Business
Tony Owusu

Cannabis News Week 4/13: The Will of the People; Economic Impact

In a perfect representative democracy, the will of the people is represented unequivocally by the elected officials meant to represent them. 

Anyone who has been paying attention knows that the U.S. is far from a perfect democracy, and one of the most glaring examples of this imperfection is in marijuana legislation. 

Poll after poll suggests that the populace has a more liberal view of cannabis legalization than their lawmaking counterparts. 

North Carolina is a perfect example of this gulf. 

About 7 in 10 North Carolinian voters support legalizing medical marijuana, and a plurality favors adult recreational use, according to a new poll from local television station WNCT, The Hill and Emerson College.  

Just 19% of respondents thought that medical marijuana should not be legal. 

When it comes to recreational, the divide is smaller with 46% in favor of legalization and 43% against. 

North Carolina legislators are currently considering The Compassionate Care Act, or Senate Bill 711, that was introduced in 2021. That bill is expected to be debated sometime this year.

We'll see if lawmakers listen to the will of the people.

Cannabis Is Good for the Economy

Tax dollars from cannabis sales is just one of the ways legal cannabis can benefit the U.S. economy, according to an estimate from MJBizDaily

The total U.S. economic impact from marijuana sales in 2022 is expected to reach $99 billion, a 20% year-over-year increase, according to the MJBiz analysis. That number is expected to jump more than 50% to $155 billion in 2026. 

To measure economic impact, MJBizDaily "analyzed similar industries, consulted with economists and applied a standard multiplier of 2.8 on projected recreational and medical marijuana retail sales."

The firm estimates that for every $10 consumers and patients spend at marijuana retail locations, an additional $18 is injected into the economy, much of it at the local level. 

Making Green Even Greener 

Cannabis is already green, but what if you could make the flower good for the environment.

Golden Shores Cannabis, a Michigan-based cannabis company, uses biodegradable beeswax tips on its pre-rolled cannabis products. The tips have a wildflower seed inside, so when a smoker discards remnants of a joint, instead of tossing litter, the smoker is tossing a seed that could grow into a flower. 

"So, as soon as you're done smoking it, you throw it in the grass and it'll plant a flower," said Jeff Dotson, the president of Golden Shores said to Fox 2 Detroit. "It's a very hearty plant, so it'll grow almost in any kind of soil."

Ohio Voters Could Make Legalization Happen

Pro-cannabis residents in Ohio took a blow earlier this year after the Republican-controlled legislature declined to take action on cannabis reform.

But a Republican reminded voters of a lifeline that could save legalization efforts. 

State Rep. Ron Ferguson, who is co-sponsoring a legalization bill, told an audience at an event hosted by Ohio State University that change will need to happen at the ballot. 

Voters will be able to vote on the Coalition to Regulate Marijuana Like Alcohol (CTRMLA) ballot initiative in November if a campaign to get the ballot on the docket is successful. 

Other bills being crafted by legislators in the state are unlikely to even come to the floor for debate, according to Marijuana Moment, due to Republican opposition. 

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