I'm pretty sure we can transform everyone's favorite Attorney General into a Legalization advocate.
Right, I'm sure you can do that. I'm guessing that will be right after you turn the flaming cheeto into an advocate for immigrants rights and abused women. And after Bolton promotes his seminar on peace on earth through love and cooperation...
I'll wait for the video, thanks...
Donald Trump and Jeff Sessions Want to Kill a $132 Billion Industry and 1.1 Million Jobs
Legal marijuana is
big business, and
loose marijuana laws exist around the country. For now.
Attorney General Jeff Sessions is
no fan of marijuana, so it’s not surprising
he’s erasing the Obama-era policy that allowed legal pot to flourish. There are
several reasons why declaring war on legal marijuana is a bad idea, but one is very perplexing. Sessions’ boss, President Donald Trump, is a businessman, but
industries are floundering during his presidency. And now the robust
legal marijuana economy is threatened.
What exactly is at stake with Sessions’ renewed war on marijuana? More than your ability to go buy a joint at a dispensary. A huge segment of the economy and a plethora of jobs are at stake, too.
Trump and Jeff Sessions are targeting the legal marijuana industry, which could kill billions in investment and millions of jobs. We’ll explain exactly what Sessions did first, discuss how it affects jobs and the economy, and finally let you know how states are already fighting back.
What did Jeff Sessions do?
Sessions flexed the power of the federal government over states’ rights. | Chip Somodevilla/Getty Images
- Proving the pen is mightier than the sword
All Jeff Sessions had to do to reignite the war on marijuana was sign a memo. Deputy Attorney General James Cole
wrote a memo during the Obama presidency that basically let the states decide how to prosecute marijuana crimes. As long as pot wasn’t getting into the hands of minors, crossing state lines, being used near schools, or being sold by drug cartels, it was OK. Sessions, Donald Trump’s handpicked attorney general,
rescinded the memo, and now business owners and cultivators in states with legal marijuana can be prosecuted at the federal level.
Next: Sessions’ move wipes out more than your good time.
Literally millions of jobs might be at stake
Sessions could cripple a multibillion-dollar industry. | Lars Hagberg/AFP/Getty Images
- A huge swing in jobs numbers between legal and illegal marijuana
As is his wont, Sessions is going on the offensive against marijuana. The jobs market is collateral damage. Estimates from NORML show there were
123,000 jobs in legal marijuana at the beginning of 2017. Those jobs could be in danger, but there’s even more at stake with Sessions’ decision. If the federal government instead went the other way, toward full legalization, research by
New Frontier Data shows there would be 782,000 jobs created instantly and 1.1 million jobs by 2025. That’s more jobs than the
Bureau of Labor Statistics predicts for utilities and mining at the same time.
Next: The job losses will accelerate another issue facing the United States.
The economy is going to suffer
These moves would drive a thriving legal industry back underground. | Chalabala/iStock/Getty Images
- Billions of dollars will go to the black market.
In addition to having
less crime, states with legal marijuana are
making tons of money. Legal sales in North America reached
$6.9 billion in 2016, which is good. The bad news is close to 90% of marijuana sales and hundreds of billions of dollars went to the black market at the same time. The United States won’t be
the world’s No. 1 economy forever. Legal marijuana is one way to stem the tide. The Netherlands collected
$520 million in tax revenue in 2008 because of its permissive marijuana laws. The United States’ and its larger population is
clamoring for legal weed. By fighting a war on marijuana, the government is spending money when it could be making tons of money instead.
Next: This is the legal marijuana revenue stream everyone knows about.
Potential sales tax revenue goes up in smoke
The feds would miss out on billions in potential revenue. | Andrew Caballero-Reynolds/AFP/Getty Images
- The government loses out on billions of dollars in sales tax.
Full marijuana legalization would provide an instant revenue stream in the form of
sales tax. Assuming a 15% rate on marijuana sales nationwide, New Frontier Data estimates $51.7 billion into federal coffers from 2017 to 2025. That’s $6.4 billion per year, and it doesn’t even take into account other taxes that could be going to the government.
Next: Sessions would like the look of legal pot each April.
More jobs mean more payroll taxes
Job creation (and tax collection) would take a hit. | iStock.com/alfexe
- Up to $5.9 billion could be left on the table by the war on marijuana.
Just think about the frustration you feel when you look at your paycheck and see all the taxes taken out. Now imagine that times the 1.1 million jobs that could be created because of legal marijuana. New Frontier Data estimates as much as $5.9 billion in payroll taxes would be created by an open and legal market. Considering people are already figuring out
ways to game the new GOP tax plan, adding revenue from payroll taxes couldn’t hurt.
Next: Even Jeff Bezos’ fortune pales in comparison to the lost tax revenue.