Jun 19, 2017 12:45 PM

Colorado Has Lowest Unemployment Rate in U.S. Due to Legalized Cannabis

The legalization of cannabis has helped the states where it has been allowed in many ways. From the revitalization of the economy and creating new jobs to fighting the opiate crisis, the weed industry has made the lives of thousands of people much better. Now, a new report shows that Colorado, where both medical and recreational cannabis are absolutely legal, has the lowest unemployment rate in the U.S.

The data provided by CNBC shows that Colorado’s unemployment rate currently reaches only 2.3 percent, which is around half the national average level of 4.3 percent. John Hickenlooper, the state’s governor, attributes it to the state’s attractive business environment as Colorado has the lowest corporate tax rate in the U.S. However, there are reasons to believe that the legalization of cannabis has played a big role in the current employment situation.

In 2015 alone, the weed industry created a whopping 18,000 new jobs. According to CNBS, in 2016, Colorado made 1.3 billion in marijuana sales and 198.5 million in tax revenue. The revenue has almost doubled in the last two years. If the cannabis industry continues to develop at the same rate, the sales will reach more than 5 billion by 2020, which is about one-fifth of the state’s total budget.

In the age of automation, numerous manufacture jobs are vanishing, leaving millions of employees behind. However, the weed industry is ready to fill in these enormous gaps in employment. There is no doubt that the legalization of cannabis would have a powerful impact on the national economy.

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