Reuters: Cannabis Could Bring Germany $5 Billion Per Year in New Revenues
BERLIN– Legalizing weed in Deutschland could help Germany create new annual tax revenues of 4.7 billion euros ($5.34 billion).
Further, cannabis is forecast to account for 27,000 new jobs in Germany according to a new research report just published today.
The research, according to Reuters, was conducted by the Institute for Competition Economics (DICE) at the Heinrich Heine University in Dusseldorf, and commissioned by the German hemp association, found that legalizing cannabis could lead to additional tax revenues of about 3.4 billion euros per year.
Some progress is being made in Germany as Chancellor-in-waiting Olaf Scholz and his centre-left Social Democrats (SPD) are in talks with the environmentalist, pro-spending Greens and the libertarian free Democrats (FDP) to build a new governing coalition.
Negotiators for the SPD, Greens and FDP are still hashing out details of their coalition deal, including rules under which the sale and use of recreational cannabis would be allowed and regulated in Europe’s largest economy.
The report outlines cost savings incurred in the police and judicial system of 1.3 billion euros per year and creating tens of thousands of jobs in German cannabis.
Legalizing cannabis in Germany would give a boost to Europe’s growing cannabis market. A market that is expected to be worth more than 3 billion euros in annual revenue by 2025, up from about 400 million euros this year, according to Reuters who sourced their report from Prohibition Partners.
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