Cannabis Potential $5 Billion Economic Impact onto North American Tribal Communities
August 23, 2018
Washington – – New Frontier Data, the global authority in data, analytics and business intelligence has released its latest report Cannabis and Native Populations: Potential Impact on North American Tribal Communities.The report examines the potential impact of legal cannabis on the economies of tribal communities across North America. Findings include how the cannabis industry could generate up to $2.5 billion in revenue by 2025, creating a total of $5.0 billion in economic activity on Native American land.
“While we do not expect the cannabis industry to be a silver bullet remedying decades of socio-economic challenges faced by Native American tribes over the past century, our findings show that it could present a unique opportunity for cannabis to help stimulate new growth as part of a broader economic strategy, at a critical time of industry expansion both domestically and internationally.” said Giadha Aguirre de Carcer, New Frontier Data CEO and Founder.
The total economic benefits for setting up cannabis and hemp operations in various states depends solely on its adoption by tribes and could create the following outcomes:
- A 1% share of the national market would represent a revenue opportunity of $350 million
- A 5% market share would represent a revenue opportunity of $1.9 billion per year
- Industry-stimulated employment would generate between 6,180 to 30,899 new jobs, not including the hemp sector
- Unemployment would be reduced from 8.5% to as low as 8%
- Annual wage potential would range between $225 million and $1.1 billion
Ultra Health, New Mexico’s largest medical marijuana company, sponsored this report due to its close tries to tribal communities. Visit www.newfrontierdata.com/native to download the full report which contains much more including the risks and opportunities native lands can face by including cannabis in their economies.
About New Frontier Data:
New Frontier Data is an independent, technology-driven analytics company specializing in the cannabis industry. It offers vetted data, actionable business intelligence and risk management solutions for investors, operators and policymakers. New Frontier Data’s reports and data have been cited in over 65 countries around the world to inform industry leaders. Founded in 2014, New Frontier Data is headquartered in Washington, D.C. with additional offices in Denver. For more information or media inquiries please visit www.newfrontierdata.com or emails us at info@newfrontierdata.com.
New Frontier Data does not take a position on the merits of cannabis legalization. Rather, its mission and mandate is to inform cannabis-related policy and business decisions through rigorous, issue-neutral and comprehensive analysis of the legal cannabis industry. For more information about New Frontier Data please visit: www.newfrontierdata.com.
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