Oregon’s cannabis industry has produced an economic impact of more than $1 billion, according to a new report.
The report, by economist and marijuana business insider Beau Whitney, found that the Oregon cannabis market created more than 12,500 jobs with an average wage of $12.13 an hour, which translates into roughly $1.2 billion in economic activity for the state.
The job figure is only for plant-touching companies, such as retailers and growers, and doesn’t include ancillary marijuana businesses, such as attorneys or security services.
“Cannabis is a job-creation machine,” Whitney said in a news release.
He noted that through Feb. 21, there were 917 licensed recreational marijuana businesses in Oregon, with another 1,225 business permit applications pending.
Such information could be utilized by industry advocates to bring more political allies into the legalization camp, given that jobs and the economy are generally a bipartisan priority.
Several industry experts have even posited that marijuana-related economic benefits could be a talking point to persuade the Trump administration to support national reforms that will bolster the industry down the road.
In another example of the marijuana industry’s fiscal benefits, a 2014 study found that two Denver cannabis retailers alone had a $30 million economic impact on Colorado.