Business & Investment

4 Social and economic benefits of legalizing marijuana

Marijuana legalization is a hotly debated topic that has recently gained attention as the industry grows. Currently, there are 11 states where marijuana is legal for recreational purposes and Washington, DC, and 38 states where marijuana is legal for medical purposes (potential conditions include cancer, glaucoma, PTSD, etc.). Some people feel that marijuana should be legalized because it can help with chronic pain management and mental health problems such as anxiety and depression. Some think it should be legalized because it is not as harmful as alcohol, while others want it to be legalized for financial gain. Here are some to learn more about these benefits.

Benefits for investors

The marijuana industry is rapidly becoming one of the most profitable industries in the world and has already grown considerably in a relatively short period of time. The numbers are quite different. However, the marijuana industry is said to be worth about $ 61 billion and is estimated to grow to $ 100 billion by 2030.

This means that there are many opportunities for investors and, when legalized, the various companies in the industry will also benefit.The more states legalized, the more online sites favorite Smoke Cartel is on sale. This means more consumption methods for consumers such as double rigs and bubblers. This means making more money everywhere. But the biggest problem is that marijuana is still considered a regulated substance under federal law. As a result, there are only a few cannabis companies on the stock market. This essentially means that investors are not yet available for market growth.

More State Revenues

Of all the economic benefits that can be gained by legalizing cannabis, the increase in state revenue is probably the largest. One drawback of not legalizing cannabis is that it keeps money in the marijuana black market. It has recently been estimated to be worth about $ 40 billion. This is untaxed money, and as a result, the state is defeated.

In states where marijuana is legalized, tax revenues received from sales were high. For example, Colorado has collected approximately $ 302 million in taxes and fees.Based on current figures, surveys show that tax revenues in all states legalized so far are about $ 150.6 billion By 2025.

Employment creation

No matter what industry starts, job creation is booming and the marijuana industry is no exception. For the growth of any country, a majority of middle-class workers are needed, which requires employment potential. The marijuana industry has created about 250,000 jobs, but it may not seem that much until you realize that these are jobs that are directly related to the handling of marijuana itself.

It was difficult to number the total number of jobs created by the industry because there was no easy way to track this. However, jobs in this sector include head shop and pharmacy salespeople, people who create marijuana consumption methods, corporate HRs, corporate accountants, people who create marijuana-related accessories, and stores that deliver goods. , Stores that create smartphone app applications for online purchases, etc.

Money saved for consumers and states

At this point, in states where marijuana isn’t readily available, products can be quite expensive, which makes sense. High demand and low availability mean higher prices. If marijuana is legalized in more states, this means lower prices in the long run, which means consumers will save money. Of course, this can lead to the state losing some money, as tax revenues are based on total sales. It can also increase product purchases as products become cheaper.

In addition to this, the state will also save money. In 2019, law enforcement agencies arrested approximately 545,602 people for marijuana-related crimes. This is less than the 749,825 in 2012. Each year, this costs the state about $ 3.6 billion, which can be avoided if legalized. This also means that you can make up for the money lost from the tax revenues from the price cuts.

4 Social and economic benefits of legalizing marijuana

https://www.insightssuccess.com/4-social-and-economic-benefits-of-legalizing-marijuana/ 4 Social and economic benefits of legalizing marijuana

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