The organizers of the Olympics are about to find out just how green the grass is on the other side.
Although the Organizing Committee for the Olympic Games will receive a $1.8 billion grant from the International Olympic committee per contract, hosting the Summer Olympics has cost a city an average of $5.2 billion. And of course, it’s a host city’s job to raise the capital to bridge that gap.
The current estimate for florida marijuana doctors the cost of construction in Los Angeles is billions, with the city leaning heavily on its existing sports infrastructure. But the Olympics are notorious for running over budget: The Rio Summer Olympics ended up costing about $1.6 billion more than planners anticipated. The Summer Olympics in Beijing cost a whopping $100 billion.
So how will Los Angeles pay for the modifications required to host thousands of athletes and even more fans? When it was still in the running to host the next summers olympics, the city said they planned to save money through corporate sponsorship deals. But professionals in the marijuana industry have serious cause to think that they’ll be among those footing the bill.
The announcement that Los Angeles would host the Summer Olympics came seven months after California’s vote to legalize recreational florida medical marijuana, where sales are set to begin into effect on Jan. 1, 2018, but will likely be delayed. Estimates place the tax revenue that California will earn from the marijuana industry after the first year of legalization alone at $1 billion.
“The cannabis industry is the fastest-growing in the world. In the U.S. alone it’s projected to be a $23 billion industry. This means that year over year, it’s growing at a compound growth rate of 32 percent, and it’s projected to be larger than the NFL and organic foods. I believe in the next 10 years it’ll be bigger than alcohol.”
Marijuana industry leaders predict that this number will rise steadily over the next 11 years as the business of legal weed expands.