71% of Americans Believe Cannabis Legalization Improves the Economy

1.9 min readPublished On: October 26th, 2022By

ST. LOUIS – As the U.S. battles economic uncertainty and the upcoming midterm elections loom, the majority of Americans (71%) believe that legalizing cannabis improves states’ economies, according to a new report from Real Estate Witch, an online publication that connects readers with expert real estate advice, owned by Clever Real Estate.

A survey of 1,000 Americans found that 9 in 10 (91%) support cannabis legalization in some form, including 67% who support full legalization. 70% would vote in favor of recreational cannabis legalization, and even more (84%) would vote in favor of medical cannabis legalization.

Of those in states where cannabis is not legal, 35% say legalization would impact their use, including 12% who would start using cannabis and 23% who would use it more often.

More than one-quarter (27%) of respondents in states where cannabis is already legal believe legalization helped the economy.

Additionally, 60% of Americans think cannabis legalization will impact the real estate market. Of those, 41% believe more people will flock to states where cannabis is legal.

More than 1 in 4 (27%) Americans believe that legalization improves home values in a state. Data confirms this – home values actually increased $6,338 more in cities where cannabis was legalized, according to a previous study from Real Estate Witch.

In fact, the survey found that most Americans (70%) would pay at market rate or more for a house near a cannabis-related amenity such as a dispensary or weed lounge — including 22% who would pay above market rate.

It follows that Americans are generally unbothered by local cannabis businesses – more than half (52%) say they would even consider buying a home next door to a recreational cannabis dispensary, and 56% would buy a home next door to a medical cannabis dispensary.

Overall, 70% of respondents have used cannabis for recreational purposes at some point in their lives, including 25% who regularly use it. Most Americans think using cannabis recreationally is safer than tobacco (63%), alcohol (65%), prescription painkillers (72%), and other types of drugs (78%).

Despite the fact that most Americans are on board with cannabis legalization and believe it would help the struggling economy, only 1 in 12 (8%) consider it the most-pressing social issue in the country – suggesting that cannabis legalization is unlikely to weigh heavily on the minds of voting Americans.

(This information is primarily sourced from Real Estate Witch.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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