Research Publication Title

Does the Legalization of Medical Marijuana Affect State GDP Growth Rates?

Major

Economics

Faculty Mentor(s)

John R. Swinton

Abstract

This paper attempts to quantify the effect that legalizing medical marijuana has on state GDP growth rates. My research uses state-level panel data from 1996 to 2013 to estimate the GDP growth caused by an emerging medical marijuana industry. I find that having a legalized medical marijuana industry has a substantial, positive impact on state GDP growth. With respect to the average GDP growth rate of 2.454 percent, medical marijuana legalization causes a 25.8 percentage point increase in the state GDP growth rate.

Start Date

10-4-2015 2:30 PM

End Date

10-4-2015 3:30 PM

Location

HSB 300

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Does the Legalization of Medical Marijuana Affect State GDP Growth Rates?

HSB 300

This paper attempts to quantify the effect that legalizing medical marijuana has on state GDP growth rates. My research uses state-level panel data from 1996 to 2013 to estimate the GDP growth caused by an emerging medical marijuana industry. I find that having a legalized medical marijuana industry has a substantial, positive impact on state GDP growth. With respect to the average GDP growth rate of 2.454 percent, medical marijuana legalization causes a 25.8 percentage point increase in the state GDP growth rate.