The McCormick-Goodin Commonsense Cannabis Plan will immediately begin a pathway to adult use cannabis in Indiana but avoid the pitfalls states have experienced without having an intermediate medical market.

The McCormick-Goodin Commonsense Cannabis Plan includes the following key components:

 

• Establishing the Indiana Cannabis Commission: The plan will create the Indiana Cannabis Commission, which will be responsible for overseeing the legal cannabis industry, including regulation, licensing, and ensuring compliance with safety standards. This independent body will help Indiana develop a well-regulated cannabis market, protecting Hoosiers and ensuring transparency as the state transitions to full legalization.

 

• Establishing a Medical Marijuana Industry: The plan calls for the immediate creation of a regulated medical marijuana industry, providing Hoosiers with access to cannabis for medical purposes. This step will allow Indiana to address potential challenges and learn from the experiences of other states before moving to full adult use.

 

• Transition to Well-Regulated Adult-Use Cannabis: While the initial focus is on medical marijuana, the plan outlines a clear pathway toward full adult-use legalization. This phased approach will mitigate system challenges and ensure Indiana’s cannabis market is well-regulated and effective.

 

• Regulating Hemp-Derived THC: The plan also addresses the issue of unregulated hemp derived THC products currently flooding Indiana’s gas stations and smoke shops. By regulating these substances, the state will protect consumers and ensure that cannabis products meet safety standards.

 

• Economic Benefits: Legalizing adult-use cannabis could generate an estimated $172 million annually in tax revenues for Indiana, providing a significant boost to the state’s economy and funding for essential services.

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Cannabis Facts

 

• In 2022, the Tax Foundation estimated Indiana could realize $172 million in potential annual tax revenue by legalizing adult use cannabis.

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• Industry analyst Vangst reported there were 440,445 full time jobs supported by cannabis in the United States.

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• Forbes reported a study forecasting the US cannabis industry would grow to $46 billion by 2028.

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• Missouri had $1 billion in sales in their first year of regulated adult sales.

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• Whitney Economics study reported hemp-derived cannabis employs 11,017 workers in Indiana.

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• Hemp-derived cannabis sales in Indiana has a total economic impact of $1.78 billion with retail sales of $637 million according to a Whitney Economics study.