Cannabis Attorney Charles X Gormally Weighs in On Potential Economic Benefits of Cannabis Industry
Legalized Recreational Cannabis Could Have Great Benefits for States, According to Charles X Gormally
Charles X Gormally, a cannabis attorney in New Jersey, said the cannabis industry has the potential to provide far-reaching economic benefits to states. In his own state of New Jersey, marijuana legalization legislation has not been passed, though access to medical cannabis has expanded, greatly helping patients in New Jersey with prescriptions. His years of experience as an attorney mean Charles X Gormally can see the potential benefits of a cannabis industry, not just in his state but in others in the United States.
Using his own state as an example, Charles X Gormally explained that in New Jersey Gov. Phil Murphy’s budget proposal for 2020, an estimated $60 million of revenue would be created if marijuana was legalized. This revenue for the state would bring enormous benefits, according to Charles X Gormally.
An obvious, often discussed economic benefit to the cannabis industry is the millions of dollars it would provide in tax revenue for the state and its municipalities, Charles X Gormally said. According to Investopedia, if cannabis were federally legal, reports suggest it could generate an additional $131.8 billion in aggregate federal tax revenue by 2025. On a smaller scale, the cannabis industry in states has a profound impact as well. After Colorado legalized marijuana, the state collected more than $135 million in taxes and fees on medical and recreational marijuana in 2015.
Additionally, the cannabis industry would create thousands of jobs in a given state, Charles X Gormally said. As with any new business opportunity, construction, agriculture, sales, real estate, and more jobs would become available. More jobs in any state would encourage people to move to the area, thus boosting the economy, and provide opportunities for those who are unemployed or underemployed.
Money would also be saved because states would no longer spend an exorbitant amount of money enforcing the laws that make cannabis illegal, Charles X gormally explained. Federal marijuana enforcement costs the United States billions of dollars every year. When cannabis is no longer a controlled substance, court cases surrounding cannabis would drop and even more money would be saved by states and at a federal level, Charles X Gormally believes.
Charles X Gormally said it is important to him and the other attorneys in the cannabis practice at Brach Eichler to champion this cause. Legalizing cannabis in states and federally makes sense for struggling economies as it benefits citizens and governments.
For additional information about Brach Eichler’s Cannabis Law Practice, contact Charles X Gormally, member co-chair, at (973) 403-3111.