The legalization of marijuana has been debated for decades, with both sides having their fair share of arguments. Some say that it would be a great way to help the economy because it’s an industry that is projected to reach $7 billion by 2023. Other people argue that legalized pot would create more problems than benefits, such as increased substance abuse and addiction rates. Regardless of which side you fall on, there are some economic benefits of legalizing marijuana worth considering.
1. Money Saved On Law Enforcement
When you legalize something, the first thing that happens is typically a decrease in spending by law enforcement. Marijuana arrests every year cost an estimated $3.6 billion, according to one study. Reducing marijuana-related arrests would save police departments across the country big bucks; money that could be put to better use elsewhere. That same report estimated that it costs about $30,000 per year to incarcerate someone for non-violent drug crimes like growing and selling marijuana while violent criminals only cost about $15,000 per year. It’s also important to note that while prison time may not seem like much compared with stocks and bonds or even the lottery, consider how detrimental it can be for someone trying to get back on their feet.
2. More Business Opportunities
Legalizing marijuana (for more information in this topic, you can visit – 420id) allows businesses to thrive in a brand-new industry, and many entrepreneurs are eager to jump on the opportunity. Dispensaries will require equipment and supplies, paraphernalia companies will have more customers, growers are needed for supply, etc. And just think of all the secondary industries that would get created! Delivery services, hydroponics stores, magazines… You get the picture. The possibilities are endless. Legalization also means individuals who had previously been operating in illegal markets now have legal places of business making it easier for customers to find them since they can be listed in public directories rather than word of mouth suggestions of “the guy down the street.”
With an increase of dispensaries, more people will be needed to help make them run smoothly. Jobs like budtenders would become commonplace. Since smoking weed alone can cause mild anxiety, it’s possible that employees would need to receive some sort of training on how to deal with customers who may be experiencing this effect for the first time. So not only is there an increase in jobs that comes along with legalization, but also new jobs which never existed before!
3. More Potential For Growth (And Tax Money)
Marijuana has been shown to have a number of medical benefits such as helping eliminate nightmares and increasing appetite among cancer patients undergoing chemotherapy treatment. As laws change across the country many believe it could open up even more potential uses for marijuana as a medicine, meaning more jobs in the medical field.
There are more than 4,000 different chemicals found in marijuana so it’s possible that new uses for these compounds will be discovered allowing more people to get jobs working on various aspects of research and development. Since marijuana is still illegal at the federal level banks are less willing to give loans or open lines of credit for dispensaries or other businesses that deal with weed, which means they have a harder time expanding their businesses. A repeal would allow these companies to grow more quickly while also creating more taxes through payrolls and increasing profits. Additionally, legalization could result in increased tourism which usually brings an increase of tax money resulting from hotel stays, restaurant visits, shopping excursions etc.
4. Economic Boost For The Environment
The cannabis plant has been shown to help clean polluted soil, making it a great tool for cleaning up oil spills or other environmental problems. Large companies are coming out with innovative ways of using the benefits of marijuana to create eco-friendly products such as hemp body care items, organic clothing made from hemp fibers and even houses made entirely out of hemp! Environmental jobs would be created through the production and sales of these hemp products.
5. Generate Tax Revenue
Since it would be taxed, marijuana wouldn’t necessarily lead to a loss in revenue. The Marijuana Tax Act of 1937 made possession or transfer of marijuana illegal throughout the United States. Since then, marijuana has become one of the most lucrative black markets around generating billions in revenue every year for individuals and gangs that deal in this substance. By making it legal and regulating it, governments could seize this massive cash crop and put it toward projects beneficial to society such as schools, roads etc.
6. Less Crime
Individuals involved in the illegal trade of marijuana and those who would be willing to deal with them (purchasers) are incurring criminal penalties if they get caught including jail time. The rate of incarceration in the United States is one of the highest in the world which means that America spends a lot on housing criminals. It also creates jobs for police officers, prison guards, court personnel etc. By legalizing weed this system could be reformed creating fewer incidences where people are breaking the law leaving less work for all members of law enforcement.
7. International Benefit
Mexico has been under fire lately due to reports indicating that their army was helping cartels smuggle drugs across the border into America for years Losing money from sales Colombia’s drug cartels and in turn, the violence and crime surrounding them is an argument in favor of the legalization of marijuana. This would mean more regulated trade between Mexico and America which could help both countries’ economies except for those who profit from illegal drug smuggling
The President Of Mexico Enrique Peña Nieto made a statement regarding the violence caused by drugs “The cost of drug trafficking is proving too high,” he said
“We must move beyond prohibition to effective prevention.”
8. Freedom To Choose
The legalization of weed would allow people to mentally experiment with the drug in instances where it is legal without having to worry about legal implications should they choose not to partake. This could lead to lower rates of addiction because users will feel less pressure or peer pressure when using marijuana since it won’t be illegal anymore.
Furthermore, marijuana use has never caused death whereas alcohol abuse accounts for nearly 100,000 deaths each year in the United States alone.
9. Less Money Spent On Prisons
Legalizing pot would result in an increased supply of workers available for the workforce which means spending money on prisons to house criminals could decrease significantly allowing for more taxes collected from these employed individuals resulting in a healthier economy.
10. Maximum Effectiveness Minimal Involvement
Legalizing weed would make it easier for law enforcement to regulate and control the drug’s usage as well as help them save time and resources since they won’t have to chase after dealers on a regular basis. Police forces could then use their newly acquired resources toward solving other major crimes that have been plaguing communities without having to worry about arresting people who just want to smoke some pot.