Since the 20th Century, many countries have started to look at the plant as to its potential. The United States of America; for many decades, has battled with the unforgiving results of wrongful use of Cannabis. And its effects on people of every age. Now that scientific research and cultural practices have converged on the battlefield; advocating Cannabis Legalization and the affect to the economy; is winning the war on BIPOC and poor people.
Cannabis legislation is a topic of intense debate in recent years. Talks on Marijuana legalization began, after many states decriminalized the drug. Marijuana is one of the most significant cash crops in America—Cannabis was worth roughly $35 billion to the U.S. economy in 2016.
Does Cannabis Legislation Affect Cannabis Economy?
Cannabis legalization and the economy has become a topic of debate for many years. Also known as ganja, pot, grass, weed, hemp, hashish among other names. Pot contains psychoactive chemicals called cannabinoids which are responsible for its psychological effects on users. Or this high you experience.
The Marijuana plant produces a resinous mixture called hashish or hash oil. Cannabis use dates back to at least 3000 B.C. The plant was for food and fiber while using parts of the plant for medicine and spiritual purposes. Some practices are, hippie movements in the 1960s, to Reggae music in the 1970s. Cannabis use is illegal in most countries of the world. But many countries have decriminalized marijuana and legalized its use for prescribed medical purposes.
Cannabis Legalization and Economic Benefits Advocated
Many users of weed, both in the secular world and religious fraternity, have advocated for governments to take a step back and invest in learning about the plant. The hard-line taken classifying the plant as a dangerous drug needs to be addressed. So, people can make informed decisions. The United States is beginning to lead the charge, albeit carefully in its decision to decriminalize. They have started to see the possibilities of how regulation and research can aid in Cannabis economies growing, new medical aids available to persons that need it, and lives changing for the better.
I say carefully; because the use of Marijuana is not legal on a Federal level. It is legal at the state levels that have considered lobbying by forward-thinking individuals within the states governments. It is easier for legislation at this level. The potential for cannabis boosting the economy is not a considered factor. And for all that, legally selling Cannabis for medical use is what is available. Recreational use of marijuana is still illegal in some states. The legal amounts to sell by law is one ounce. One ounce of pot, is still less than what is authorized for dispensaries to sell for medical use.
Benefits of Cannabis Economy
The Cannabis industry is emerging as a growing economy. Huge employment opportunities all across the United States in various sectors are opening up. Cannabis dispensaries are popping up all over Colorado and California which greatly contribute to the local economy through jobs, taxes, licensing fees etc. Marijuana legalization could generate 1 million dollars in tax revenue per year while creating 10,000 new jobs across the state of Colorado alone.
Marijuana customers are spending large amounts of money on the products. – ranging from food items to biofuel, textiles and paper products which greatly benefit the economy. Pot legalization is also giving rise to new innovative technology in Marijuana. The industry has potentials to generate billions of dollars in new economy activity on an annual basis. We are talking in areas of job creation, tourism, generating huge tax revenues, and research, to name a few. Growing the economy through legalization of Cannabis have not been more impotent, as in this Covid-19 time.
Cannabis Economic Benefits Data
Cannabis legislation gives us insight on how marijuana industry would affect the economy on macroeconomic level, while examining employment rates, tax revenue and total output throughout various countries. Both national and state governments stand to gain from Cannabis legalization through increased administrative efficiency and additional resources. These gains resulting from taxation of legal cannabis industries such as Marijuana dispensaries (Emmett Reistroffer).
Legalizing Marijuana may provide public health benefits by allowing patients to use Cannabis for medicinal purposes instead of prescription drugs which are more harmful and produce dangerous side effects. Cannabis legislation is paving the way for new businesses to emerge in marijuana industry which has great potentials to boost the economy through job creations, government spending on ganja research etc.
The United States revenue would increase should Cannabis be legalized across the country. It is estimated based on New Frontier Data, in 2017, earnings from cannabis sales would boost the economy $131.8 billion by 2025 at the federal level. As it is now, tax collection is only from legal dispensaries. Imagine what lost revenue there is, from illegal sales?
Job creation is another benefit of the legalization of cannabis sales. Jobs being created are farming, distribution, drivers, retailers, and of course, dispensaries. New Frontier Data has estimated within the same period, 2017- 2025, a whopping 1.1 million jobs could be created. Another Cannabis economy boosting potential!
Investments would skyrocket; as the industry was booming, even flourishing and operating under the radar of federal law. So, consider the magnitude of takers there would be to invest.
Law Enforcement and Cannabis legalization
Law enforcement charges for illegal cannabis businesses would fall because legal prices would stabilize, and the only control would be levels of potency in products being sold. Overall a regulated business, for entrepreneurs, cottage business would thrive, and people would feel comfortable purchasing the legalized amounts for using whether medically or recreationally.
Cannabis is also one of the country’s largest employers. The industry employs between 165,000-230,000 people, comparable to the numbers employed by our construction industry . As cannabis laws are changing nationwide , this high demand for employees continues to grow . Many employees are working legal jobs in dispensaries or growing operations. However there are still plenty who are working under the table or illegally through the black market . The legalization of marijuana will eliminate this threat to the economy; as Cannabis is decriminalized.
Marijuana-related crimes have been a cash crop for law enforcement agencies across the country, especially in areas with dispensaries and grows in close proximity to residential areas. Cannabis legislation has put an emphasis on employees’ right to work and not jeopardize their safety by working illegally . This type of legislation does not always pass; however when it does, it helps marijuana entrepreneurs secure jobs that provide livable wages and benefits while protecting them from potential danger. As more states legalize marijuana, Cannabis legislation is completely changing the way Americans view the industry.