It’s no secret that progressive cannabis laws can create jobs and generate revenue for locales that have legalized, regulated, and taxed marijuana. However, less known is the impact that cannabis-related activities can have on the tourism dollars brought in from both travelers that are intentionally seeking out legal cannabis and from visitors that decide to partake in the local scene, a “when in Rome” mentality, if you will. According to a recent study, cannabis-related tourism is leading to big dollars, and is likely on the rise in locales with sensible laws, as Travel Daily Media reported yesterday:
Countries like Spain and Canada allow for personal consumption and sales of cannabis in licensed facilities, while US states are also expected to witness strong cannabis sales and tourism growth. Colorado, which saw 82.4 million travellers in 2016, is among the very few regions to legalise cannabis entirely.
A survey conducted by Colorado Tourism reported that the 12 million or approximately 15% of those travellers participated in marijuana-related activities. Among that group, it was reported that 5% travelled to the state specifically for marijuana reasons. The staggering number of visitors who travelled to Colorado and purchased cannabis-related products suggests that the cannabis industry is pushing tourism growth.
According to data compiled by Grand View Research, the global marijuana market was valued at USD 9.3 Billion in 2016 and is expected to reach USD 146.4 Billion by the end of 2025. Additionally, the market is projected to register a robust CAGR (Compound Annual Growth Rate) of 34.6% throughout the forecast period from 2018 to 2025.
Cannabis social clubs in Barcelona are certainly enticing the cannabis community to spend money in Spain; they are at least part of the reason that industry investors and entrepreneurs will be flocking there for the International Cannabis Business Conference on March 14th. The present and future of Spanish social clubs will be on the agenda at the ICBC and the nation would be wise to ensure that such consumption spaces remain a part of the vibrant local community to continue bringing in revenue and providing a safe place out of the public view for those that enjoy cannabis. Other cannabis-friendly locales should also follow suit with cannabis cafes and similar businesses, otherwise, our fight to legalize freedom, and the jobs and revenue that come along with it, shall continue.