Cannabis Economic Evolution: The U.S. Census Bureau’s New Approach
The world of cannabis is ever-evolving, and guess who’s catching up? The U.S. Census Bureau! They’ve taken a fresh step to better understand the economic footprint of the marijuana industry. Let’s dive into this exciting development.
The Census Bureau’s Modernized Survey
Ever felt like the world is changing at lightning speed? Well, the U.S. Census Bureau sure does. They’re revamping their survey of American businesses to better grasp the cannabis-related economic activity. It’s like they’re finally tuning into the nation’s dynamic business radio station, and cannabis is the latest hit song.
For the first time in history, the 2022 Economic Census is inquiring about businesses’ activities from the previous year, offering options for them to identify with the cannabis economy. Imagine being a business and getting a nod from the big guys, saying, “Hey, we see you!” That’s precisely what’s happening here.
While the 2022 Economic Census doesn’t have direct questions about cannabis, it does provide options for businesses to select cannabis as their primary activity. Think of it as a silent acknowledgment. Retail and wholesale establishments now have a seat at the table. Isn’t that something?
Remember when 3D printing was all the rage? Well, the Census Bureau does. They’ve been updating their survey to keep up with trends, from 3D printing to, now, cannabis retailers. It’s like watching your grandpa get on TikTok; surprising but super cool!
The Value of Cannabis in the Economy
The Census Bureau isn’t just stopping at identification. They’re going all in, trying to capture the value of marijuana goods and services produced by American businesses. We’re talking about cannabis-infused foods, beverages, topicals, and even specific products like cannabis face creams, tinctures, shampoos, cakes, and pies. Ever tried a cannabis-infused pie? Well, the Census Bureau wants to know about it!
By measuring the growth and changes in the economy, they’re ensuring that these topics get the spotlight they deserve. It’s like giving cannabis its own stage in the grand economic concert. And guess what? The federal government isn’t just sitting back and watching. They’re actively recognizing the sale of products like cannabis-infused gummies and are hungry for data on it.
Steps Towards a Better Understanding
The Census Bureau’s interest in the marijuana market isn’t new. They’ve been making moves, like their 2021 decision to start collecting data on cannabis tax revenue. States are now in the spotlight, being asked to provide this information in their annual and quarterly reports. It’s like asking your friend how much they spent on their new hobby; you’re just curious!
This shift mirrors the broader changes in how the federal government views the marijuana business. Last year, they added cannabis businesses as an official designation under the North American Industry Classification System (NAICS). It’s a big deal, trust me! This system is used by big players like the U.S. Bureau of Labor Statistics to categorize and compile employment data.
Following a 2021 policy recommendation, cannabis business codes were added to NAICS. It’s like adding a new genre to your music playlist. And speaking of tunes, the U.S. Treasury Department also chimed in last year, announcing plans to start collecting marijuana business data. Their goal? Combatting money laundering.
The Updated Census Business Surveys
The economic census’s nearly 800 available survey forms now include cannabis-related options. The most relevant form is for “Tobacco and Marijuana and Cannabis Stores,” which focuses on retailers. But that’s not all! Cannabis also features in surveys for food manufacturers and various other business types.
But cannabis isn’t the only star of the show. The economic survey has other new entries, like electric vehicles and cryptocurrency. They’re also looking at revenue from telemedicine. It’s like adding new flavors to an already diverse ice cream parlor.
In Conclusion
The world of cannabis is growing, and institutions like the U.S. Census Bureau are taking note. As the cannabis market evolves, it’s essential to stay informed and understand its economic impact. After all, isn’t it exciting to witness history in the making?
Originally reported by Ben Adlin.
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