Advantages For Economic By Legalizing Marijuana
Although the Presidential election was the most talked-about headline in the news in November of 2020, there were many other important decisions in the voting booths. For instance, ballots took place in several states to determine the future of cannabis legalization. Following the example of Colorado or Washington's books, four states--New Jersey, South Dakota, Montana, and Arizona--decided to make cannabis usage for recreational purposes legal. Mississippi also voted in favor of medicinal marijuana. Missouri.
All told many states are moving towards legalizing marijuana (whether for medicinal or recreational use or both) and the effect is already immense. The legal changes have resulted in an expanding industry of cannabis-related companies that are legal, including those which aim to research and develop cannabis-based medical products, as well as those working to distribute and grow marijuana, as well as many other. All told, more than half of U.S. states have medical marijuana laws and sixteen states have allowed certain amounts of marijuana for recreational use as well.
Since the states that were the first to legalize marijuana have made their intentions clear The economic benefits have been evident. Legalizing marijuana can be a significant impact on state economies as well as big money for the federal government. Here we'll look at the main economic benefits.
Impact of Tax Revenue
In recent years, Colorado and Washington have had higher than anticipated marijuana sales. This has resulted in huge tax revenues. The state has collected more than 302 million dollars in taxes as well as fees for recreational and medical marijuana. The state's sales totaled more than $1.7 billion.78 According to Arcview Market Research, and BDS Analytics, these sales are expected to reach $31.1 billion by 2024.
This is the carrot that several states have been trying to grab. In December it was revealed that since January 2018, the sales in California's cannabis industry had produced 411.3 million dollars in excise taxes, $98.9 million in cultivation tax as well as $335.1 million in sales tax.12 The Massachusetts Cannabis Control Commission reported in November 2019 that during the first year since it began to open retailers selling marijuana, $393.7 million was generated in gross sales.13
Employment and income
The establishment of marijuana nurseries and dispensaries could be the initial action for the states that voted in favor of medical marijuana. These will not only provide employment opportunities but also help set the wheels in motion for the commercial activity in the cannabis business in these areas. California and Nevada have these facilities. The economic impact of this sector is now more tangible.
A joint RCG Economics and Marijuana Policy Group study of Nevada discovered that the legalization of recreational marijuana could lead to more than 41,000 jobs and more than $1.7 billion in additional income.14 A ICF study found that legalizing marijuana sales would lead to at least 81,000 new direct or indirect jobs in California. The study also forecasts an increase in income of at least $3.5B.15
New Frontier's report predicting the impact of federally legal marijuana, suggests that legalization across the nation could generate 1 million jobs by 2025.11 These jobs could result from the fast-growing sector that is expected to grow across the country. The industry would require workers to grow as well as process, distribute, and sell cannabis-based products. Additionally, there are plenty of opportunities in secondary industries that are related to legal cannabis, even though they are not directly involved in the production or distribution. Software developers and construction firms, financial services as well as many other industries could be included.
Legal marijuana presents the possibility of enormous benefits to the economy both on a local and national scale. It also could help to safeguard the portfolios of investors across the nation and beyond. Although marijuana is still illegal at the national level, it's difficult for investors to profit from the expanding market. There are few marijuana-related companies trading publicly traded stock exchanges. Investors are able to use over-the-counter exchanges. But, the majority of those that excelled in the legal cannabis space was founded in Canada and in other countries.
Should marijuana become legal on the national level, marijuana companies would be allowed to list their stock on all U.S. exchanges, thereby improving liquidity and opening opportunities for investors to more. Investors will likely show a keen interest in the sector if the current growth rates in the marijuana sector continue.
You save money
In assessing the economic benefits of legalization It is important to think about the money that could be saved and also the revenues that could be generated by such a procedure. Federal marijuana enforcement costs around a billion dollars per year. According to an American Civil Liberties Union report that federal marijuana enforcement costs millions of dollars each year.16 If marijuana were legalized in all states, this price could be reduced significantly. A broader range of marijuana-related court cases would be removed from the controlled substances list, which could result in fewer convictions and the saving of more funds.
Legalizing marijuana can also help those who take cannabis-based medicines. It's possible that marijuana will become more legal in the country. This could lead to an overall decrease in price. This may not initially seem like good news for overall tax revenue or for marijuana companies that want to increase their profits. However, people who utilize marijuana-based treatments for medical reasons will benefit greatly from lower costs for these items.
There is a growing popular trend within the United States to legalize marijuana for both recreational and medicinal purposes and a number of states have adopted laws similar to those already in place.
One reason for legalization is the economic advantages that could be derived from the commercially controlled availability of marijuana.
Legalization is an effective incentive due to the increase in tax revenues, job growth as well as investment opportunities and many more factors.
There's a lot of opposition against legalizing marijuana across the country. The critics have cited confusion among law enforcement personnel trying to keep up with the changing laws, concerns regarding youth marijuana use and homelessness, and also the possibility of decreased property values. Many are opposed to changing the regulatory status of marijuana simply because it means it is a change in the status established. These factors all decrease the odds that marijuana legalization is going to happen at a national level any time within the next few years. There are compelling reasons to make marijuana legal across the nation due to the rising number of states that have decriminalized marijuana in a variety of ways and the economic benefits.
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