Legalization of Marijuana. Argumentative Research Paper.

Legalization of Marijuana
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Legalization of Marijuana
Despite a century of prohibition, marijuana is the most widely consumed illegal drug across the world. It is a completely natural narcotic that has appealed to millions of people. Marijuana has been used for both medicinal and recreational purposes for thousands of years. Regardless of its attributed benefits, cultivation, consumption, and possession of marijuana remains illegal in most countries (Chemerinsky, 2017). However, this is not the case in the United States, where some states have legalized marijuana for medical or recreational purposes or both due to public demand. It is a trend that indicates an increasing prevalence of marijuana consumption and a sign that the perceived risk of harm from its products is diminishing (Cavazos-Rehg et al. 2015). The widespread prohibition of the drug appears to be a missed opportunity for both national and global economies. People still consume marijuana and its products despite the illegal status. Collectively, the illegal cultivation, processing, and sale of marijuana in the black market are worth billions of dollars. Considering the potential economic, social, and medical benefits of marijuana, it is evident that its legalization would yield more benefits than risks to individuals, families, and society, hence the need for its legalization.
Economic Benefits
The most prevalent claim supporting the legalization of marijuana is the anticipated increase in tax revenue. It would create a bring into the economy. Instead of spending huge amounts of taxpayers' money and effort in the war against its production and consumption, legalizing marijuana would, in turn a source of revenue for the government through taxes (Evans, 2013). Despite being a prohibited drug, the demand for marijuana has been high in various parts of the world. The demand for recreational marijuana has increased significantly in the last few decades owing to new laws that have made it legal in various states and countries. It is an indication that, once the drug is officially declared legal and the necessary regulations imposed, the drug would yield significant tax revenue (Todd, 2018). The price of marijuana in the black market relatively low because there are no tax-related costs involved. Authorities have the right opportunity to impose higher taxes on the drug while keeping the price at a competitive level with other drugs such as tobacco and alcohol.
The potential revenue worth of marijuana production and consumption has been exhibited in various regions in the recent past. For example, the state of Colorado, U.S., legalized marijuana since the beginning of the year 2014. The state has proven that legalizing the drug and its related products makes the industry a reliable source of tax revenue (Todd, 2018). It has gained global interest from being one of the first states in the country to legally allow the production, selling, and buying of marijuana. Reports indicate that Colorado collected a significant amount of tax revenue immediately after the legalization. For example, a year after allowing buying and selling of the drug, there were about the one-billion-dollar worth of sales in 2015. As a result, the state's...