{"id":8142,"date":"2020-11-03T21:50:49","date_gmt":"2020-11-04T04:50:49","guid":{"rendered":"https:\/\/www.arizonafoothillsmagazine.com\/health-and-fitness\/?p=8142"},"modified":"2020-11-03T23:55:32","modified_gmt":"2020-11-04T06:55:32","slug":"why-voting-yes-to-cannabis-will-help-states-pandemic-stricken-economies","status":"publish","type":"post","link":"https:\/\/www.arizonafoothillsmagazine.com\/health-and-fitness\/cbd-cannabis\/why-voting-yes-to-cannabis-will-help-states-pandemic-stricken-economies\/","title":{"rendered":"Why Voting Yes to Cannabis Will Help States\u2019 Pandemic-Stricken Economies"},"content":{"rendered":"\n

Written by Smoke Wallin, CEO of Vertical Wellness<\/em><\/span><\/h4>\n\n\n\n
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Smoke Wallin, CEO of Vertical Wellness
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The presidential race is not the only election in 2020 that is pivotal to our economic future. After an unprecedented $10.9 billion in worldwide sales generated in 2018, legal cannabis sales are projected to hit between $50 billion and $200 billion by 2030. U.S. medical and recreational cannabis sales will exceed $15 billion this year, a 40 percent jump<\/a> from 2019, and estimates project it to reach $37 billion by 2024.<\/a> <\/p>\n\n\n\n

Millions of Americans have already embraced the potential upside of cannabis. Thirty-five states now allow either recreational or medicinal marijuana<\/a>, including 11 recreationally. Individual states have expressed their intentions to support legalization. <\/p>\n\n\n\n

Five states\u2014Arizona, New Jersey, South Dakota, Mississippi, and Montana\u2014all have measures to legalize cannabis on their ballots. These votes will determine the financial futures of these states, as they struggle to navigate a pandemic-stricken economy. <\/p>\n\n\n\n

Proposition 207, allowing the recreational use of marijuana in Arizona, now has passed as of last night. This editorial is now even more prevalent on how the legalization of cannabis will only benefit Arizona’s economic and sociocultural issues in the new pandemic-stricken United States.<\/p>\n\n\n\n

State Revenues Have Plummeted and Are Now in Dire Need <\/strong><\/span><\/h2>\n\n\n\n

It\u2019s no secret that the pandemic has plunged America into a historic economic decline. Tens of millions have lost their jobs. Thousands of bankruptcies have been filed. And at the state level, the recession is creating unprecedented budget deficits.<\/p>\n\n\n\n

New Jersey Gov. Phil Murphy was recently compelled to borrow money in order to shore up his state\u2019s $9.9 billion gap. Even with that bill, these budget shortfalls will eventually force politicians to make tough decisions and ultimately threaten to reduce essential services including education, health care, public safety and transportation.<\/p>\n\n\n\n

In this new world where our financial health is being held hostage by the pandemic, states must take action to balance their budgets. The federal government is unlikely to fill the gap, no matter who wins in November. <\/p>\n\n\n\n

With the economy not expected to fully rebound for years to come, officials need to get resourceful and creative to find revenue streams. One proven source to help alleviate the budget strain is cannabis legalization.<\/p>\n\n\n\n

A Pandemic Proof Industry in 2020<\/strong><\/span><\/h2>\n\n\n\n