How Does Legalizing Marijuana Affect The Economy

Although there are many positive effects that legalizing marijuana could have, there are some negative effects that it could have as well. These negative effects influence the consumers more than they affect the economy. Due to these negative effects influencing the consumers more, they counteract with the positive effects that impact the economy more. Some of the negative effects are things like more DUI’s, health problems, and it is a gateway

Marijuana legalization will help reduce illegal activity surrounding the plant too, again, reducing the need to pay for those people to go to jail. This includes, but is not limited to, people who, after its legalization, still want to grow and sell their own marijuana.

Growing up everyone is always told “drugs are bad for you” over and over. As children, we have no perspective and do not fully understand the use of drugs. Drugs are always around us, especially marijuana. It is the most commonly used drug in the world. As much as we are told not to use this substance or be around it, many have encountered it in some way before. Marijuana being illegal in most states does not stop people from using the substance. Since this illegal drug is still used no matter the situation why not benefit from it and legalize it throughout the United States? Marijuana could have a positive effect on America in relation to health and the economy.

Legalizing and regulation marijuana can bring cash crop under the criminal justice law, bring in jobs, medical use, and overall create economic opportunities to The United States of America.

Finally, the main reason millions of Americans want marijuana decriminalized is the positive effects it could have on our despicable economy. First off, decriminalizing marijuana will prevent users from going to prison which will save all us tax payers a whole lot of money. In California alone, the cost of marijuana enforcement can be estimated at over $200 million per year (Gieringer). The money is being spent on state prison, jail costs, court and probation, felony arrests, misdemeanor

Taxing marijuana would be an asset to this country’s economy by helping them with the debts, rebuilding schools, and lowering crime rates. According to Matt Ferner of the Huffington Post, since Colorado legalized marijuana the state has made $600 million in combined wholesale and retail sales (Ferner). This can be great because the United States could pay off much of its debts. That amount of money was earned through a 25 percent tax on retail purchasing, including a 15 percent excise tax, and a 10 percent sales tax (Ferner). Another asset of taxing marijuana is that the government can give some of the money to the public. Some of this money can go to schools, hospitals, and medical treatments. The rest can go to creating new

As shops for recreational and medical Marijuana open, more purchases of the product will be made which impacts the tax revenue. An example would be Colorado (a state that legalizes Marijuana) where “In 2015, Colorado collected more than $135 million in taxes and fee on medical and recreational marijuana” (Krishna, 2017). Arcview Market Research also predicts that “Sales in North America grew 30%, to $6.7 billion, in 2016, and is projected to increase to $20.1 billion by 2021”. The legalization of Marijuana will also provide many job opportunities since a variety of different jobs will be needed that relate to Marijuana. Investopedia.Com states “A RCG Economics and Marijuana Policy Group study on Nevada says that legalizing recreational marijuana in the state could support over 41,000 jobs till 2024 and generate over $1.7 billion in labor income. The ICF study estimates at least 81,000 additional direct, indirect, and induced jobs in California as a result of legalized marijuana sales. It also projects an increase in total labor income by at least $3.5 billion”. Another way legalizing Marijuana would impact the economy positively is that the government can save money spent on enforcing the law of Marijuana being illegal. Huffington post states “Inmates incarcerated on marijuana-related charges cost U.S. prisons $1 billion annually, according to a 2007 study, AlterNet reports.” and “The government would save an estimated $13.7 billion on prohibition enforcement costs and tax revenue by legalizing marijuana”.This low risk substance saves the economy a lot of money and support it

      There are many ways that marijuana would benefit the economy if legalized. An economy benefits when there is a healthy flow of monies within. This means internal spending by citizens on items of their choice. Citizen spending is what keeps the economy going. The use of citizen?s tax money would also be greatly affected. Tax money would be allocated more properly and used in more strategic ways. The taxation of items such as legalized marijuana brings a flow of money into the economy that would otherwise not be there. This increase of government funds would allocate more money to federal programs that are in financial need. Federal programs include public education, health education, treatment programs, etc. When the public?s way of

The economic impact of a legalized marijuana industry is often overstated by casual advocates. Some even make a ludicrous suggestion that it would pay off the national debt. Legal marijuana, just like any other solution alone, can’t fix our national debt. It was $16.4 trillion when it reached the debt ceiling on December 31, 2012. Nevertheless, there clearly are no perfect forecasts for determining the potential economic impact from the legal marijuana industry in the future. However, according to the available data, approximately 1 in every 10 Americans smokes marijuana at least once a year. Among them, about 24 million Americans smoke marijuana on a regular basis. CNBC offered a moderate estimate that a fully legal marijuana industry would generate $16-20 billion a year in taxes and $40 billion a year in sales. Clearly legal marijuana wouldn’t be the economic miracle as some people expect it to be, but it still represents a massive economic impact. As the former Senator Everett Dirksen reportedly once said, “A billion here, a billion there, and pretty soon you’re talking real money.”

Marijuana will increase Americans profits greatly. About half of all U.S legalized marijuana giving us true answers how it has benefitted. Legalizing marijuana gives us a big profit and giving people better jobs, Denver is a good test case. An article the Freedom Beat cited, “In February, 1938, Popular Mechanics called Hemp a 'Billion Dollar Crop.' It was the first time a money crop had a business potential to exceed a billion dollars if not more.” Legalize marijuana has and will boost the economy more and

If one were told that the United States had all of the answers to their economic issues growing within their country wouldn’t people take advantage of it? Even if the solution was currently considered as an illegal substance. George Shaw stated, “If history repeats itself, and the unexpected always happens, how incapable must Man be of learning from experience. Mr. Shaw’s wisdom particularly applies to the current debate on the legalization of cannabis, and if it should be legal state or nationwide. The present-day prohibition on marijuana is not any different than the past prohibition on alcohol in the roaring 20’s. The legalization of marijuana, similar to alcohol not only means more money for the government, but also more revenue, jobs, and savings. The debate can be tough to follow with all of the political jargon. Americans must keep in mind that is substantial to find a solution to the lingering question, should marijuana be legalized? It is vital for the United States to end the expensive and uneconomical prohibition. Besides the infinite reasons for legalization such as ending panic over drugs, lowering crime rate and ending drug-related pollution there is one clear motive for legalization, the money.

Marijuana is a monumental industry capable of reaping billions of dollars, but at its present illegal state is only helping drug dealers and growers while simultaneously costing our government money. Dr. Jon Gettman makes a claim in his 2007 case study that “the U.S. marijuana industry is a $113 billion annual business that costs taxpayers $31.1 billion in lost tax revenues (Krulik)”. 31.1 billion dollars is a huge loss to take for essentially, no reason. If we find cigarettes acceptable to be legal despite the very obvious health risks why would we not legalize marijuana too, even if there are a few minor risks. Gettman has also come to the conclusion that 10.7 billions dollars a year are being spent on marijuana related arrests, most of which are simply minor possession cases. Between the 31.1 billions dollars being lost on sales and the 10.7 billion dollars being spent on law enforcement of the plant, about 41.8 billion dollars in revenue are being lost solely because the government would rather keep marijuana illegal than oversee and regulate the growth, distribution and consumption. 41.8 billion dollars could save programs in schools, fund highways, and stimulate the economy in a way we may have never seen before. Legalizing marijuana would also be the start of a massive new market creating countless jobs. Just as cigarette and alcohol companies, marijuana could

Marijuana can help save the United States. Taxes on weed to change how we live. It can give the government the money we need to fix roads and etcetera. “In Colorado, for example, analyst suggest that taxing the drug could raise between 5 and 22 million dollars annually”(Business insider, 2012, Para.7). This means we the

More than 800,000 people are put under arrest for marijuana for merely possessing marijuana and the rest were for selling or assembling marijuana. When marijuana use is legalized less and less people will be arrested for the right reasons. Also, it would be decreasing prices due to greater opportunity or quantity. Marijuana is great demand, hence the increasing the economy because more and more people will purchase them if it was legalized. Furthermore, we can look at new tax revenues and compare marijuana to tobacco. When marijuana is legalized, authorities can start taxing marijuana just like tobacco and start earning from it as well. The legalization of marijuana can also arrange more job opportunities especially when it comes

In fact, legalizing marijuana leads to a large number of economic benefits of governments and citizens. Legalizing marijuana could be considered as a new source of revenue by reducing the amount of the budget's drug prevention allocations and imposing taxes from regulating marijuana sales. In addition to the money that would be saved, governments will be able to stop organized crime groups that are involved in the distribution of this drug. This in turn grow the opportunities of jobs instead of the illicit market, and people would start their own business under the rule of