Missouri Medical Marijuana
Although the Presidential election was the most talked-about news item in November of 2020, there were many other crucial decisions made during the elections. In addition, elections were held across several states to determine the future of cannabis legalization. The four states of New Jersey, South Dakota, and Montana have voted to allow marijuana for recreational usage, following Washington's lead. Mississippi also voted to legalize Missouri medicinal marijuana.
In all, there are more states which have approved marijuana for recreational or medicinal purposes. The effect has been immense. Legal cannabis businesses have expanded to include companies that study and develop products for medical cannabis as well as those that produce and distribute cannabis. More than half of U.S. states have laws concerning medical marijuana, and 16 states have made marijuana legal for recreational usage.
The first states to allow marijuana for legalization have stated their intentions in a clear manner and the benefits to economics are evident. Legalizing marijuana can be a significant impact on states' economies and could also generate huge financial benefits for the federal government. We will now look at the main economic advantages.
Impact of Tax Revenue
In recent times, Colorado and Washington have witnessed higher than anticipated marijuana sales. This has resulted in an increase in tax revenue. The state has collected more than 302 million dollars in taxes and other fees for recreational and medical marijuana. The total sales of the state were over $1.7 billion.78 Based on Arcview Market Research, and BDS Analytics, these sales are expected to increase to $31.1 billion by 2024.
This is the incentive that numerous states have tried to get. According to reports, California's marijuana sales have brought in 411.3 million in excise tax, $98.9million in cultivation tax, $335.1million in sales tax12, according to the Massachusetts Cannabis Control Commission.13
Jobs and income
The initial step in the process of states that have decided to allow medical marijuana to be legalized would be to set up dispensaries and nurseries. They will not only create jobs but will also assist to boost the economy in these areas. California and Nevada have this infrastructure. The impact on the economy of this sector is now quantifiable.
A joint RCG Economics and Marijuana Policy Group study on Nevada discovered that the legalization of recreational marijuana could result in more than 41,000 jobs and more than $1.7 billion in additional income.14 A ICF study found that legalizing marijuana sales could result in at least 81,000 additional direct jobs, indirect and induced in California. The study also forecasts an increase in the total income that is at least $3.5B.15
New Frontier's analysis of the potential effects of the federally-legalized marijuana suggests that one million jobs may be created in 2025.11 It is likely to come from the fast-growing industry that will pop everywhere across the nation. The industry would require workers to cultivate and process, distribute, and sell cannabis-related products. There are also many other industries that are related to the legalization of marijuana even if they're not directly involved in the production or distribution. Software developers, as well as construction companies, financial services, and many more industries, could be included.
The potential for massive economic gains on the local and an international scale from legal marijuana is huge. Legal marijuana can also assist investors from the United States and around the world to safeguard their portfolios of investments. Although marijuana is illegal on a federal scale, it is still possible for investors to reap the benefits of the growth of the cannabis industry. There are a few marijuana-related businesses that trade on public stock exchanges. Investors can choose to use over-the-counter exchanges. But, the majority of the top companies within the legal cannabis industry were located in Canada as well as other countries.
If marijuana is legalized on a national scale, marijuana businesses will then be able to sell their shares across every U.S. Exchange. This will increase liquidity and open the doors to investors. Investors are likely to show keen attention to the cannabis industry should the current rates of growth in the cannabis industry remain at this rate.
You save money
It is crucial to think about the economic benefits of legalizing marijuana. This includes the possibility of income and money which can be saved. Federal marijuana enforcement costs millions of dollars each year. According to an American Civil Liberties Union report that federal marijuana enforcement costs around a billion dollars each year.16 If marijuana were legalized across the country, the cost could be reduced significantly. The broader spectrum of marijuana-related court cases could be removed from the controlled substances list, which could result in fewer convictions and a reduction in the amount of money saved.
Legalizing marijuana can also help those who take cannabis-based medicines. It's possible that marijuana will be more lawful in the United States. This could lead to an overall decrease in price. While this might not appear to be a good thing for tax revenues overall and companies that sell marijuana, it can prove beneficial for companies looking to make the most money. Patients who take marijuana-based medicines to treat their ailments will benefit greatly from lower costs.
The United States has seen an increasing interest in the legalization of marijuana for medicinal and recreational reasons. A number of states have taken such steps.
Legalization could be motivated by the possible positive economic impact of legalized marijuana sales.
Legalization can be a significant incentive due to the increase in taxes, job growth as well as investment opportunities, and many other reasons.
There is plenty of opposition to the legalization of marijuana in the US. Some critics point to the confusion that exists among law enforcement officials trying to keep up with the changing regulations, fears about youth cannabis use and homelessness, and the potential of a decline in property values. Many people are against changing the status of marijuana's regulation since it could result in an alteration in the status of the art. All of these reasons lower the likelihood that marijuana legalization will happen on a national scale anytime in the near future. There are numerous reasons to allow marijuana legalization across the country like the growing number of states that have legalized marijuana use in various ways, and the financial benefits.
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