Since the legalization of recreational marijuana in Michigan, there has been a buzz about the potential economic benefits that cannabis could bring to the city of Detroit. From increased revenue for local businesses to job creation, here are some of the ways that cannabis in Detroit could bring a much-needed boost to the economy:
- Revenue for Local Businesses
The legalization of recreational marijuana can create a whole new industry of storefronts, cultivation centers, and manufacturing plants that will generate millions in tax revenue for the state. This additional tax money can be used to fund public services or infrastructure improvements, but it also provides an opportunity for local business owners to benefit financially from this emerging market.
- Job Creation
With businesses popping up all over town to meet the demands of marijuana users, there is an influx of jobs available in Detroit. These are good-paying jobs that range from retail positions such as budtenders, delivery drivers, and security guards, to more specialized roles such as extractors and trimmers.
Since these businesses have higher profit margins than traditional brick & mortar stores, they’re good employers who often offer attractive wages and benefits too.
- Tourism Boom
The legalization and ability to buy cannabis have had an unexpected side effect. Tourist numbers have increased! People are flocking from all over the country (and even abroad!) to experience what Detroit has to offer, from exploring dispensaries to attending events and festivals featuring cannabis cuisine.
This influx of tourists is great news for local businesses as they benefit directly from increased foot traffic.
- Tax Revenues Increase
Finally, with the legalization of cannabis in Detroit comes an increase in taxes. This money can be used by local governments towards improving public services or aiding programs for those in need. In addition, this kind of extra income can give Detroit’s economy a much-needed boost while ensuring that funds stay within its borders.
