It is hard to deny the positive economic impacts that medical cannabis can bring to a community. As soon as a new cannabis business comes to town there will be a flurry of building.
Hopefully the business owner has a preference for using builders who are local, as this will keep the money spent for construction in the pockets of local laborers. However, even if outside contractors are brought in they will spend a portion of their earning at local businesses while they are in town. Further, the finished construction project is certain to increase real estate value.
A local medical cannabis wholesaler or retailer will pay hundreds of thousands of dollars in local sales and real estate taxes, not to mention the state and federal taxes to be paid. Municipalities who budget wisely can see a boost to their revenues allowing for additional street repairs and even additional staff. Most commonly an additional police officer is brought on board to further ensure public safety.
Ongoing maintenance must be completed on any facility, and medical cannabis is no exception. HVAC and Electrical tradesmen may be among the most common visitors to a facility such as this. However, a cannabis business will also need CPA’s, custodial services, security services, and a staff of their own. Medical cannabis businesses often pay higher than minimum wage for their employees as well. In all, the variety of wages work well to add economic value to the local community, especially if that business makes it a priority to hire locally.
Less talked about are the investors in medical cannabis businesses. There is great interest nationally, so large investors aren’t too difficult to come by. That said, if local investors are brought to the table as well this will further add value locally. If dividends are paid or the business sells, large sums of money may be injected into the local economy via those investors.
It seems clear that medical cannabis has great potential for local economies across the state of Missouri. As is our custom, below you will find some additional reading that is specific to medical cannabis. We’ve also included an older (2010) info-graphic that paints the picture from that time period and shows that some projections have come true.
Further reading:
420Intel.com
Missouri Medical Cannabis Trade Association
The Missourian
Via: Rehabs.com