Is Legalizing Cannabis The Most Efficient Way To Jolt A State’s Economy?

Is there a more potent way to jumpstart an economy than to introduce legalized recreational marijuana? Maybe, but apparently there aren’t many.

As Alan Pike reports for ThinkProgress, states considering legalizing recreational cannabis can learn a lot from the economic boom the move has created in Colorado:

It turns out pot is a stronger economic driver than 90 percent of the industries active in Colorado.

Legal weed created 18,005 full-time jobs and added about $2.4 billion to the state’s economy last year, an analysis from the Marijuana Policy Group (MPG) shows.

Between the dollars that customers spend and the money businesspeople invest in their crops and shops, pot is generating more wealth and activity than almost anything else on a pound-for-pound basis. Every dollar spent in the industry generates between $2.13 and $2.40 in economic activity. Only federal government spending has a higher multiplier.

Read the full report from MPG here. Read Pike’s full analysis — in which he uses the new data to attempt financial impact estimates for states with marijuana on the 2016 ballot  — here. Especially if you’re a voter in Arizona.