The legalization of Cannabis has become a popular movement in the United States, both for medicinal use and recreation use. Some states in the U.S. have already adopted such measures. One of the essential takeaways of legalizing Cannabis is the economic benefits of regulated commercial availability of Cannabis. I shortlisted below some of the economic benefits attributed to Cannabis legalization:
Increased Tax Revenues
For the past years, Colorado and Washington have recorded positive tax revenues. In 2019, Colorado accumulated more than $302 million from taxes and fees for both medical and recreational use of Cannabis. In 2019, sales in the U.S. recorded $12.2 billion. In the Arcview Market Research and BDS Analytics report, this sale will increase to $31.1 billion by 2024. In addition, in a statement made by Colorado State University-Pueblo’s Institute of Cannabis Research, they found out that the legal Cannabis industry contributed more than $80.8 million to the local economy in 2017, from taxes and other fees.
In December 2019, California reported $411.3 million in excise tax, $98.9 million in cultivation tax, and $335.1 million in sales tax since January 2018. In addition, to a report made by the Massachusetts Cannabis Control Commission in November 2019, $393.7 million accumulated gross sales during the first year of opening Cannabis retailers.
Building nurseries and dispensaries will be the first step to take for the states that voted in favor of the medical use of Cannabis. Thus, it would create job opportunities simultaneously, which will boost economic activity in these states.
An RCG Economics and Marijuana Policy Group study on Nevada prompted that legalizing recreational in the state can provide over 41,000 jobs by 2024, further generating $1.7 billion in income. California is estimated to have at least 81,000 additional direct, indirect, and induced jobs because of legalizing Cannabis in the market. Aside from that, it projects an increase of at least $3.5 billion in total labor income.
Legalizing Cannabis can open up more investments that are beneficial to the economy. It will attract more businesses from other countries to invest in legal Cannabis. However, the issue regarding investment becomes difficult at the federal level as it is illegal to date. Yet, many businesses have been successful as they invest in the countries where Cannabis is already federally legal such as Canada.
On top of that, the medical community’s support of legalizing Cannabis has been so vocal for its medical benefits. Some of the arguments who are in favor of using Medical Cannabis include:
Cannabis is Safe to Use
Some people use opioids to manage and lessen pain. However, opioids are highly addictive and are not recommended for the long-term treatment of chronic pain. Thus, it is safer to use Cannabis to treat pain than other prescribed medications.
Variety of Consuming Methods
You do not need to worry if you are sensitive to smoking Cannabis. There are various Cannabis products that you do not need to smoke, such as Cannabidiol oil (CBD), pain relief treatments, and edibles.
Lesser Dosage to Treat
When compounds like CBD are isolated, it can offer treatment options without getting high caused by THC. Thus, you do not need to get high to experience its medicinal benefits.
It is Natural
Many people have been using Cannabis for millennia, long before the argument about legalization and illegalization, as a natural medicinal agent.