legalizing marijuana: the business mentor: dr. j. lee brown presenter: ashley boyd the economic...
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Legalizing Marijuana: The Business
Mentor:Dr. J. Lee Brown
Presenter:Ashley Boyd
The Economic Benefits of Legalizing Marijuana
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Research Outline
1) How profitable is Marijuana?
2) What's the opportunity cost?
3) Is marijuana legalization probable?
4) Is marijuana marketable?
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How Profitable is Marijuana: The Government
~1.3 billon dollars of tax revenue annually ~7.7 billion dollars in reduce police force and prison costs
annually Total: ~9 billion dollars a year
This could increase the education budget by ~11%
abcnews.com Thecrimereport.org
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How Profitable is Marijuana: The Corporations
James Lathrop made $3.1 million in sales in 2014 with Seattle's first legal marijuana shop
But was taxed: $510,000 federal
$778,000
state
Store Expenses: ~216,000 a year
Total Estimated Profit: ~1.6 million annually
marijuanabusinessnews.com
abcnews.com
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How Profitable is Marijuana: The Economy
Indeed.com list 726 available jobs in the marijuana industry in the U.S
Colorado also has seen an economic boost since legalization. Colorado is ranked as one of the fastest growing economies.
The unemployment rate is at its lowest since 2008, well below the national average
” I’m not claiming a direct causation to marijuana legalization, but marijuana
legalization certainly has not hurt Colorado.”– Drugpolicy.org
businessinsider.com
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Is Marijuana Legalization Probable?
Schedule 1 drug
Regulation
Schedule 1
1980 - NORML petition comes into effect
1999 - Marijuana and Medicine is published
2009 - vote by the American Medical Association (AMA), to reverse its long-standing position that marijuana should remain in Schedule I
file:///C:/Users/Ashley/Downloads/DPA-MAPS_DEA_Science_Final.pdf
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Is Marijuana Legalization Probable?
Schedule 1 drug
Regulation
Regulation
Same limitations as alcohol:
• 21 years of age
• Can not be consumed publically
• Can only be sold in government regulated dispensaries
i.e ABC Store
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Is Marijuana Legalization Probable?
Schedule 1 drug
Regulation
Surgeon General’s Warning
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Is Marijuana Marketable?
28,700,000 users in North America
This market does not provide enough revenue
Trying to reach a new market
Development of a Prototype
unodc.org
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What This Prototype Means
It allows for better regulation
Helps establish a new market
Creates a more elegant experience
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Current Legal Dispensaries
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A New Kind of Dispensary
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Think Tank
Target Market: People who don’t normally smoke marijuana
Why?
Different Flavors
Mask the Smell
Removable Tip
Design Marketing Strategies for Different People
Gender
Social Status
Co-Branding
“Stay at home mothers”
More elegant experience Skittles, Mountain Dew Baja Blast, Hershey's
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1. "Cigarette Smoking among U.S. High School Students at Lowest Level in 22 Years." Centers for Disease Control and Prevention. Centers for Disease Control and Prevention, 11 June 2014. Web. 10 July 2015.
2. "United Nations Office on Drugs and Crime." United Nations Office on Drugs and Crime. N.p., n.d. Web. 10 July 2015.
3. "DrugFacts: Is Marijuana Medicine?" DrugFacts: Is Marijuana Medicine?N.p., n.d. Web. 10 July 2015.4. "California Proposition 215, the Medical Marijuana Initiative (1996)." - Ballotpedia. N.p., n.d. Web. 10 July 2015.
<http://ballotpedia.org/California_Proposition_215,_the_Medical_Marijuana_Initiative_(1996)>.5. "State Marijuana Laws Map." State Marijuana Laws Map. N.p., n.d. Web. 10 July 2015.
<http://www.governing.com/gov-data/state-marijuana-laws-map-medical-recreational.html>.6. "How Marijuana Legalization Will Affect Mexico’s Cartels, in Charts."Washington Post. The Washington Post, 09
Nov. 2012. Web. 10 July 2015. legalization-will-affect-mexicos-cartels-in-charts/7. PBS. PBS, n.d. Web. 10 July 2015. <http://www.pbs.org/wgbh/pages/frontline/shows/drugs/special/math.html>.
8. "Taxing Marijuana: The Washington and Colorado Experience." Tax Foundation. N.p., n.d. Web. 10 July 2015. 9. "MarijuanaBusinessNews.com - How Much Money Does a Medical Marijuana Club
Make?" MarijuanaBusinessNews.com - How Much Money Does a Medical Marijuana Club Make? N.p., n.d. Web. 10 July 2015.
References
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THANK YOUQuestions?
Contact Information:
Ashley “AB” Boyd
252-571-9245
Acknowledgments:- Dr. J. Lee Brown- The McNair Scholars Program- Fayetteville State University