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According to a study that was released on Monday, California could potentially earn $4.2 billion in revenue from business if it rules in favor of legalizing the marijuana industry. The study also claims that along with the said revenue, this could also create 20,000 jobs for the citizens.
The said report was released by the University of the Pacific in Stockton – this was funded by Truth Enterprises, a cannabis investment company. It’s very noticeable though that this was released at the time when it was just a few weeks away before voters are set to allow or disallows its recreational use. According to Daniel Conway, a managing partner of the Truth Enterprises, he emphatically expressed his desire for Sacramento to be popularly known as a cannabis region, where he likened this to the automobile industry of Detroit and the wine industry of Sonoma and Napa. He implied that cannabis could be the product that might let Sacramento excel in innovation and production.
The study further indicated the repercussion of limiting the number of marijuana businesses will only bring about 1,600 jobs and a revenue of $322 million. For now, polls show that there’s a high chance that the state will vote in favor of the study this coming November 8. If this is approved, this will be considered the fifth state to do so.
Although the study covered the financial and economic impact of turning the location into a cannabis hub, this failed to talk about the possible social impact on the people especially the youth. Previous health reports have discussed the many potential health risks of cannabis which include brain and behavioral in babies when taken by a pregnant woman. They also failed to mention that the smoker is not the only one who’s at the risk but also the people around them.
The Sacramento area has been crying out for a facelift since it was stricken by the Great Recession. While the cannabis industry may give a glimmer of hope for now, policymakers will first have to be convinced that this will not cause bigger problems later on. The real question now for its citizens is – will the money earned and jobs created make up for crimes and addiction?