How the economy can benefit from the legalization of marijuana
The legalization of marijuana has been a controversial topic since it first gained media attention. There are multiple divisions over whether or not marijuana should be legalized, with one side raging about its medicinal benefits while the other projects its damaging consequences for young people. However, whichever side of the scale you choose to be on, you can’t fail to miss out on the economic benefits of legalizing marijuana.
Different states in the United States of America have voted to legalize the recreational use of marijuana, while others have also pushed for its medical use. Regardless of its use and direction, several states are pushing to legalize marijuana and the economic impact these policies would have on the country’s economy is immense. Here are some of the ways the economy can benefit from the legalization of marijuana:
1. Tax revenue
The first and foremost impact of legalizing marijuana would be on the tax revenues of any country. When individuals start growing and selling marijuana and its byproducts, the income they earn will in turn contribute to the country’s tax revenues. People who are looking to grow and cultivate marijuana can see the prices modified seeds; and research into the ease of growing and selling marijuana products.
In fact, many states in the United States of America have legalized marijuana, with increased tax revenue being their highest consideration and the most contributing factor in tilting their decision towards legalizing marijuana.
2. More jobs
Legalization of marijuana would give rise to multiple nurseries and dispensaries for the manufacture and sale of marijuana. This in turn would create multiple job opportunities for young people and create economic activity in a place where there was no productivity at all before. States that already have the right infrastructure and climate for container growing would benefit the most from all of this, as in the long run, the process of making marijuana matures and becomes more profitable.
Employment would increase as employees would be needed to manage all manufacturing and production, ranging from agriculture to processing, distribution, packaging, quality control and sales.
3. More investment opportunities
By legalizing marijuana, states would open up many investment opportunities for investors nationally and globally. Especially when you consider the fact that marijuana is illegal at the state level, especially investors are unable to fully optimize the profitability of this lucrative industry. They would be looking to invest in states where the industry is expected to grow the most, which would increase scalability for businesses in the marijuana industry.
The legalization of marijuana is likely to open up a whole ecosystem within the current economy. Marijuana farms, marijuana cafes, marijuana stores – you name it, and it would be present across the country for the next decade or so. This would have multiple positive effects across the country, including increased employment, increased tax levies, economic growth, etc.