ECONOMIC CHANGE FOR ELLENVILLE & NEW YORK STATE
Recreational cannabis can bring about much needed economic change for communities everywhere in New York State, as it has in others. The cannabis industry can provide high paying jobs, county and state tax revenue, and direct local benefits from revenue generated.
New job creation is even more promising for those looking for work, as the industry provides a range of options, from budtenders, farmers, compliance managers, and cooks, to chemists, PR specialists, accountants, and salespeople. This is the fastest growing industry for jobs in the US, currently.
Per state law, after all regulatory/administrative costs, 40% of the generated tax revenue will go towards community grants and will be disbursed by the cannabis advisory board, 40% will go to public school districts that did not opt-out of cannabis sales (the Village of Ellenville for example), and 20% will support drug treatment programs. All of these changes could make a big difference in our community. Despite Wawarsing opting out, we can opt back in at any time, and the village has opted in as well.
37 states have now legalized medical use of cannabis and 21 have legalized recreational cannabis. In 2021, states that legalized recreational cannabis generated $3.7 billion in annual tax revenue alone. The number is just in state tax revenue and does not include county or municipal revenues. In NYS 3% of generated revenue from sales tax goes to the municipality and 1% goes to the county where the business operates. This is a huge windfall for many of the municipalities who opted to allow cannabis retailers.
The cannabis industry in NYS has also been designed to benefit communities often underrepresented in business. This includes giving priority licensure to businesses owned by individuals from disproportionately impacted communities, women, minorities, distressed farmers, or service disabled veterans.
These are just a few of the ways that our community can benefit from the recreational cannabis industry. Research has also shown that legalizing cannabis reduces money spent on crime enforcement and decreases drug trafficking and associated violence. That means less tax revenue spent on policing as well. Cannabis legalization has even been shown to decrease opioid related emergencies and deaths (more on all of this in upcoming articles).
The benefits are yet to be fully realized in New York State but the industry looks very promising. Keep reading every week to discuss more benefits and learn more about the plant itself.