With so many cannabis businesses operating in the South-Central Alaska, the industry predictions now state that these businesses could potentially contribute about $5 million on a yearly basis to the local economy. Eight cannabis businesses have been started at peninsula from the previous summer and 9 more are now planned. Out of these businesses, 2 are actually retail stores and the remaining are cultivators.

Dollynda Phelps from Peace Frog Botanicals went on to present a survey of the present licensees to Kenai Chamber of Commerce last week. This survey that estimated the actual impact of the Kenai Peninsula (Borough’s) cannabis industry states that the business can actually bring peninsula much more than $5 million yearly in taxes and after spending on the infrastructure as well as compliance. The 2 retail stores of peninsula will possibly generate around $218,000 in the sales taxes every year that will be going towards the borough schools, as stated by Phelps.

Dollynda stated that each and every penny that is generated in the form of sales tax in borough will be going directly into the borough school district. Therefore, she feels that this is a great number and is confident that this number will rise as there will be more scope for growth in this industry.

This Kenai Peninsula’s cannabis business has also generated about 46 jobs, and some 30 odd employees are now expected to be recruited in the near future, as per the survey. Peace Frog Botanicals as well as Great land Ganja were two of the initial pot businesses that were set up in this state to get its licenses. The products made by these 2 brands are actually being sold in a various stores in and around the state. The cultivators across the state actually contributed around $145,800 to its state coffers in the month of December 2016, as per the reports shared by the Alaska Revenue Department. 4 of these cultivators were at the Kenai Peninsula.

However, the Peninsula’s rapidly growing cannabis industry may also face the electoral challenge during the year. Dollynda stated that the October measure for banning commercial marijuana operations at borough outside cities that actually failed to make it on the previous year’s ballot will be shuttering nearly 16 out of the 17 business licensee operations. Dollynda went on to add that there may be a chance of some job loss, therefore it is necessary to have a close look at the situation and evaluate it.