The legalization of cannabis has gotten a lot of media attention lately with many states legalizing the substance already. The cannabis market is growing at great speed, with new products and consumption devices being introduced all the time. Online head shops have become the go-to place for cannabis consumers when in need of a device or a product, as they cater to all needs. Nowadays, consumers are given many different options to choose from, like vapes, bongs, dabs, or even one-hitters like these found on Smoke Cartel’s website. Cannabis consumption devices are not just for smoking. There are many ways to consume cannabis, and it is up to the consumers to find what works best for them.
Many economic benefits have come from legalization regarding both medical and recreational marijuana use. For example, there have been many jobs created that weren’t in existence before due to the need for production facilities. There has also been potential to help grow the economy by bringing in more tax revenue than alcohol currently does. Another benefit is that there is no lethal dose level of marijuana which makes it a lot safer than other alternatives such as opioids. It is not possible to overdose on marijuana unlike many prescription pills or even drugs such as heroin that can easily result in death. Overall, marijuana has a lot of light and positivity attached to it and this blog will break down some economic benefits of legalizing cannabis.
More investment options
Legalization promises many benefits to the economy on a local and national level. With legalization, the investment portfolios of investors can be secured which is something that could not happen when cannabis was illegal because, on a federal level, it would be challenging for investors to capitalize on this growing industry. There is a minuscule amount of marijuana companies trading on the stock exchange and investors have the option of getting involved with over-the-counter exchanges. In the future, if marijuana becomes legalized on a national level, companies would be able to list their stock on every US exchange which would result in liquidity enhancing and access to more investors would open up. Investors will start focusing more on the cannabis industry if the growth rates of cannabis continue to soar.
More jobs and income
With the rise of legalization, there will be more supply and demand in the industry which will require more workers. Legalization also makes it possible for any amount of businesses to open in this industry which will positively affect employment rates. A study suggests that legalization could support over 41 000 jobs and generate a whopping $1.7 billion in labor income until 2024. This number is predicted to increase to $3.5 billion. Another report suggests that legalization could generate 1 million jobs by 2025 and these jobs would likely come from the rapidly growing industry. There will be a demand for farmers, processors, distributors, and sellers of marijuana-based products.
Decrease in crime and statistics
In 2019 alone, 545,602 people were arrested for marijuana-related crimes and 92% of those cases were for possession. Shockingly, this number is higher than the number of people arrested for violent crimes. This costs the state a lot of taxpayers’ money. It was projected that the liberal party of British Columbia would save upward of 5 million CAD a year if marijuana was legalized. Legalization would result in fewer arrests based on possession and the money saved can be redirected into other industries such as healthcare and education. In most cases, cannabis-related crimes are a systematic attempt to target black and brown communities because, despite similar usage rates, black people are 3.6 times more likely to get arrested for possession of marijuana than white people. When an individual has a criminal history, it becomes harder for them to find a job and targeted communities are much more dangerous which increases crime rates. Legalization would also allow those who have been incarcerated to be cleared.
Less strain of law enforcement
As it stands, law enforcement officials have to focus on people who are using, in possession of, and selling marijuana. Officials have to confiscate stock and criminalize individuals. Many taxpayers hold the opinion that law enforcement officials are wasting time and money arresting people for marijuana and that they need to direct their energy onto more pressing matters affecting society. With legalization, this will be possible and law enforcement can focus their energy on more serious crimes affecting society such as finding missing children and dismantling sex trafficking schemes as an example. This will save the state more money which can be redirected elsewhere.
The legalization of marijuana can have great positive impacts on the economy and this progression can see more money circulating as well as more jobs being created.