Your State Could Grow Greatly With Cannabis Business, Says Cannabis Lawyer Charles X Gormally
If states legalize recreational marijuana, the economic impacts are far-reaching, says cannabis lawyer Charles X Gormally, who practices at Brach Eichler in Roseland, New Jersey. In New Jersey, Charles X Gormally said he anticipates marijuana legalization in the near future and believes it could be hugely beneficial for the state.
“The cannabis business has opportunities in real estate and land use regulation, taxation, labor and employment and more,” Charles X Gormally said.
Critics question whether marijuana legalization would have an overall negative or positive impact, but Charles X Gormally is convinced it would be an economic boon to states. In his own state, Gov. Phil Murphy’s budget proposal estimated that $60 million in revenue would be created if marijuana was legalized (however, marijuana was not legalized at that time).
Tax revenue for states, municipalities and federally would grow exponentially with this opportunity. One state that did legalize recreational marijuana, Colorado, collected over $135 million in taxes and fees in 2015 after cannabis was legalized. State tax dollars go to many things universally agreed upon as worthy causes, including health programs and social security.
In addition to the tax benefits a legal cannabis industry would create, it would also create numerous jobs, Charles X Gormally emphasized. Jobs in sales, real estate, construction, agriculture and more would grow exponentially, aiding the state’s economy and citizens who are unemployed. As Colorado showed after it legalized cannabis, this legalization would also cause more people to move to a state, bringing new business and stimulating the economy.
Legalization of cannabis would boost real estate markets as well, Charles X Gormally said. Since people will ideally move to the state and stimulate business, real estate will be more desirable and cause an improvement in the housing market. Local real estate would prosper in this scenario, which would be advantageous for most communities, Charles X Gormally pointed out.
The cannabis law practice at Brach Eichler now has eight members, who are “uniquely qualified to navigate complicated and highly regulated marketplaces,” according to its website, while also providing practical guidance to entrepreneurs in the cannabis field. Brach Eichler was founded in 1967 and was ranked Best Law Firms of 2019 by U.S. News and in Chambers USA 2019.
More information about Charles X Gormally and the cannabis practice at Brach Eichler, including a new cannabis video series, can be found at bracheichler.com/practices/cannabis-law. Charles X Gormally member co-chair of the cannabis law practice at Brach Eichler, can be reached at (973) 403-3111.