Essay on The Economics of Marijuana Legalization

The legalization of marijuana has been a topic of debate for many years. This may be because of the cultural diversity that the United States of America is known for. Recently, bills were passed in Colorado and Washington to implement the legalization and regulation of recreational marijuana use. These events along with the ever growing popularity of the drug in society, media, and entertainment are proving to be more than anti-marijuana advocates can handle. In this paper, I explore the financial, social, medical, and political benefits of legalizing marijuana.

One of the primary focuses of America 's War on Drugs is the controversial drug Marijuana. Marijuana remains the most widely used illegal drug and stirs up constant debate everywhere. According to the United Nations Office on Drugs and Crime from the World Drug Report 2004 an estimation of about 4 percent of the world’s adult population (162 million) consume marijuana annually (156). For thousands of years human beings have attempted to find ways to get passed the struggles of everyday life. With the pain of the world stopping people from enjoying simple pleasures, sometimes there is a need for help. Marijuana brings millions of people relief from pain flet on a day-to-day basis. This completely natural plant which previously helped so many people has puzzled the leaders of our nation for a long time. The effects of the drug on a individual level is what 's prevented the product from being legalized. Many issues involving this plant, like the speculation of it being a gateway drug, has put yet another block on its legalization. Even with the drugs known speculations, the benefit that it brings to the table most definitely out way its disadvantages. Marijuana can also alleviate several symptoms associated with cancer and Aids treatments and disorders. While Marijuana is effective as a medicine, it is also extremely lucrative. The economic benefits that Marijuana brings to the table are endless. Non legalization is a waste of societies hard earned money to continue to enforce

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

Marijuana, the most abused drug in America, has had a lot of publicity recently. Marijuana has caused multiple economic problems within the U.S. A controversial question has arisen from the increased popularity and troubles of this drug. The question is whether or not the U.S. government should legalize marijuana possession and sale in the country. Many Americans believe that the drug should be legalized for various reasons; others, however, are against the legalization of the dangerous drug. While legalization has both pros and cons, the positives of legalizing marijuana for those people over the age of twenty-one far outweigh the negative aspects of legalization.

Legalizing recreational marijuana will help the United Sates economy by combating the war on drugs. Regulation of the drug will bring money into the state and to the nation as well. Moreover, Clare Howard in his article, Why legalize recreational marijuana states, “America has lost the war on marijuana. The cost to taxpayers has been $1 trillion and has resulted in 40 million arrests. The war on marijuana needs to end like Prohibition ended in 1933 with the country recognizing failed public policy and formulating another plan with reasonable regulations and restrictions… perhaps regulating marijuana like alcohol and keeping it illegal for

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

The legal status of marijuana in the US has been a subject of controversy since its introduction in (year?). A history of legal prohibition steeped in racism and misunderstanding has only recently given way to rational discussion based on scientific evidence and public health evaluations. Legalizing marijuana would not only be an economic boon for the US and be beneficial for our medical fields, but would also make it safer by introducing regulations and protection for consumers.

For starters, the legalization of recreational use of marijuana would boost the economy. For the states that have already legalized weed, the tax collection surpassed expectations.

The time and money being used to help fight marijuana has proved to be an unsuccessful cost and could be used in more beneficial uses like education or fighting violent crime. By legalizing marijuana the government would be able to save about $7.7 billion a year (geekpolitics). Not only would law enforcement costs be cut by legalizing marijuana but the government would also receive an increase in tax revenue. If marijuana would be legal it would be sold in the same method as alcohol and cigarettes. This method would allow the government to keep a close watch on the production of the marijuana and control the business cycle of the drug (geek). The legal marijuana would be taxed in the same ways as cigarettes and alcohol and the companies who would produce the product would also be taxed. Licenses for the sale of the legal marijuana would also be applied which would allow tight restrictions on the sale of the drug as well as provide safety.

One benefit on legalizing marijuana would be helping America economy. Legalizing marijuana will be a tax revenue just like alcohol. America could gain billions in tax revenue. It could be used to pay off the country’s debt, help the poor, and improve healthcare. Also it can help save money because all the money the government is using to stop cannabis, it can be used for other important public issues. In addition legalizing

Source: Colorado Legislative Council. Tobacco Products Tax. 2016. Colorado Department of Revenue. Colorado Liquor Excise Tax Report. December 2015. Colorado Department of Revenue – Office of Research and Analysis. "The Economic Impact of Marijuana Legalization in Colorado." Marijuana Policy Group.

The United States has been involved in a failing battle versus marijuana since the execution of the Uniform Narcotic Act in the 1930's. Americans are not only squandering almost eight billion a year, Americans are losing probable income. Americans could be in a position to gain a profit of a significant amount of revenues if marijuana were to be legal and structured by the Department of Agriculture (Norml, 2014). Revenue from the tax system of marijuana purchases would extend from about two and a half billion for each year if marijuana were taxed like conventional inventory products to six billion if it were taxed like tobacco or alcohol.

There is no feasible way to completely abolish drug use in the United States. As with Prohibition of Alcohol in the earlier part of this century, the fight against drugs has backfired. The United States is spending billions of dollars a year to fight a war, which over the last 60 years, has shown that it cannot be won. So let’s use a little reverse psychology on the subject. What would happen if marijuana or other illegal drugs were legalized?

Marijuana legalization is multi-faceted as it has a ripple effect on all aspect of the economy from cultural, religious, health, etc. The effects of legalizing marijuana cannot be over-emphasized in any economy as this paper will examine some of the effects and which are as follows:

Marijuana legalization, will involve making marijuana consumption and production of for recreational and medicinal purposes legal for the general population and abolish previous rules and regulation attached to these processes and also removal of any criminal punishments associated with the