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Marijuana that is also known as cannabis or weed is one of the most commonly used prohibited drugs in the US. Marijuana is an illegal drug and is a psychoactive drug because of its harmful effects on the brain. Some states of the US also legalised marijuana because of its immense economical potential. The legalization of some drugs was first introduced in the United States in the 21st century. This legalization was done after many economists agreed on how it can transform the US economy. Until now there have been 10 states in the US that legalized both recreational and medical marijuana. In this essay, we will discuss the economic impact of legalizing marijuana and its effects on society.
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Would Legalizing Drugs Help the Economy Essay – 700 Word Long Essay
Drug dealers from all over the world and especially in the US have mastered the supply and demand of drugs because of all the serious income revenue this industry can generate. Drug dealers have formed supply chains that are so streamlined that the US government has to spend millions of dollars every year to stop this menace of drugs, but the government has failed in stopping this nuisance. Drug dealers are doing an awesome job of developing a monopoly to distribute weed all around the US without paying a single penny to the US government. These drug dealers alone are using weed as a gold mine industry to earn millions of dollars while the government loses millions of dollars each year to stop the spread of marijuana. In this essay, we will discuss the economic benefits of legalizing marijuana and how it can serve as a medium to earn millions of dollars in tax revenue in the US.
Cost of Stopping People From Using Marijuana
According to a research study, the cost of controlling the spread and ease of access to Marijuana in the US states where this drug is illegal is very substantial. The US government on average spent 40 million dollars each year for policing and enforcing marijuana prohibition laws. Most of this money was spent to track down drug dealers, arrest people who use this drug and drug dealers and put them into jail, the expense of providing food and shelter to convicts, and the expense to prosecute these people in court. Despite all of these expenses, the US law enforcement agencies failed to eliminate big mafias that were involved in supplying marijuana to people. These mafias mainly had huge political and financial support which was the reason they are near impossible to track down and prosecute.
The Economic Impact of Legalizing Marijuana
According to a report from Reuters, the Canadian government earned $186 million Canadian Dollars in tax revenues after marijuana legalization. Not only did the Canadian government eliminate the need for policing to stop the illegal use of Marijuana but they also got huge revenue from sales tax on Marijuana. The US state of Colorado legalized marijuana back in 2014 and the state has earned millions of dollars since then. Until 2019, the state earned more than $1 billion in revenue from marijuana tax collection in all these years. All this money is then used on public welfare, mainly on health and education. In 2014, the state earned $67 million, in 2015, the state earned $130 million, in 2016 the state earned $193 million and then $247 million, $266 million, and $116 million in the next 3 years.
The legalization of pot also means that the government would be better able to control marijuana overdose and restrict its usage. Legalizing pot also discourages teenagers who only used weed to break the law as a fantasy. The legalization of marijuana also gave rise to a whole new industry, that created new employment opportunities that stimulated the economy. The GDP of the state also rose to a new height all thanks to the revenue collected from the sales tax of marijuana.
Marijuana Legalization and Medical Marijuana
Before the legalization of pot in some states, the government was spending 20 million dollars on average per year of the taxpayer money to control this menace of drugs. Not only did the government earn millions of dollars from selling marijuana legally but also got rid of it by arresting and disciplining drug traffickers. The legalization of medical and recreational marijuana also transferred the revenue generation gold mine from drug dealers to the government, hence cutting the supply of funds to mafias and other terrorist organizations.
Negative Effects of Cannabis Legalization
There are still many adverse effects of marijuana legalization. The drug itself is addictive and very harmful to both the physical and mental health of people. Some common issues of gang violence heightened criminal activities, and many social issues are the result of legalizing marijuana use. Marijuana is not similar to controlled substances like tobacco and alcohol and therefore its use cannot be controlled. Marijuana can cause permanent brain damage along with memory loss that cannot be ignored.
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Economic Impact Of Legalizing Weed – 300 Word Short Essay
Marijuana, weed, cannabis, and pot are all the names of the same drug. Marijuana is one of the most popular and most commonly used prohibited drugs in the world. The legalization of marijuana in some states of the US has seen a great and positive impact on the economy of those states. Legalizing this drug has seen less pressure on law enforcement agencies. It has resulted in reduced spending on the criminals who were caught distributing or using this drug for medical or recreational use.
The legalization of marijuana has been extremely beneficial for some states of the US. The state of Colorado which legalized marijuana in 2014 has earned a tax revenue of more than $1 billion until 2019 which was spent on the welfare of the people of that state. It also discouraged illegal drug traffickers and took away all the illegal revenue that was generated by these drug traffickers. Legalizing marijuana also discouraged teenagers who only used marijuana for the sake of breaking the law as a fantasy. Since the government legalize marijuana there are fewer people who overdose on it as they know that this drug is readily available in the market. Marijuana possession not being a serious crime also means that no people spend all their money to stock this drug and then sell it for high profits.
Effects of Legalizing Weed on the Economy
The government become the drug supplier and saw huge tax revenues and a boost in the economy. There was a very big positive impact of legalizing pot on the overall economy of the state. Not only huge sums of money that were spent on arresting and fighting drug traffickers were saved but the government also made huge profits through tax revenue. It also created new employment opportunities and means for the government to set a limit on the legal use of marijuana.
Conclusion
If the government opt to legalize recreational marijuana then it will have more positive effects than negative ones. Legal cannabis can lead to less drug abuse and would also certainly boost the marijuana industry to become a controlled economic industry by the government. Legal marijuana companies could lead to fewer drug addicts as it would eliminate the fantasy of doing something illegal. Medicinal and recreational uses of marijuana would also lead to more people smoking marijuana rather than consuming it by other, more harmful means. If the US federal bureau decriminalizes marijuana then it is estimated that more than half of regular marijuana users will also stop abusing this drug.
References
- Reuters 186 Million CAD revenue from marijuana
https://www.reuters.com/article/us-canada-cannabis-idUSKCN1TK2YV - https://www.cnbc.com/2019/06/12/colorado-passes-1-billion-in-marijuana-state-revenue.html