Montana On Pace To Generate More Jobs And Tax Revenue Than Coal This Year, Advocate Says

Montana On Pace To Generate More Jobs And Tax Revenue Than Coal This Year, Advocate Says
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“More jobs and more tax revenue will be generated by cannabis this year than coal. That is amazing.” By Arren Kimbel-Sannit, Daily Montanan Montana medical and recreational marijuana sales are approaching ambitious projections from legalization supporters through the first quarter of 2022, the first year in which recreational dispensaries have been legally allowed to operate in the state, industry supporters say. The two halves of the marijuana sector have totaled $72.9 million in sales from January 1, the first day of the new marijuana policy environment, to the end of March, according to the Montana Department of Revenue, which posted updated sales data online this week. The adult-use or recreational market saw its most robust month yet in March, with $15.9 million in sales as compared to $13.5 million in February and $14.1 million the month before. Recreational sales have consistently trounced sales on the medical side since the beginning of the year, and March was no different. Medical sales last month hit $9.9 million, compared to $9.4 million the month before and $10.1 million in January. These numbers are encouraging but also in line with expectations, said J.D. “Pepper” Petersen, the president of the Montana Cannabis Guild and a prominent backer of the ballot initiative to legalize recreational marijuana that voters approved in 2020. Supporters of the initiative commissioned a study by the University of Montana Bureau of Business and Economic Research that year that projected around $217 million in recreational sales in 2022. Divided evenly over 12 months, that would require around $18 million in sales each month—though Petersen has said he expects the most significant demand to occur in peak tourist season this summer. Voters approved ballot initiative 190 in the 2020 election cycle, but recreational dispensaries couldn’t begin operating until the beginning of 2022, by which point state legislators…

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Source : Montana On Pace To Generate More Jobs And Tax Revenue Than Coal This Year, Advocate Says

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