There are 10 states that have legalized cannabis so far in 2018. Recently Michigan became the first state in the Midwest to legalize recreational marijuana. Research supports that there is a tremendous impact on the US’s economy. According to research from a cannabis analytics company New Frontier, the economic impact of legalizing marijuana can bring an additional $105.6 billion on the federal level between 2017 and 2025.
Here is how cannabis legalization will have a positive influence on society.
Many people are establishing businesses in the cannabis industry as more states legalize recreational marijuana. The global spending on legal marijuana is expected to grow to $32 billion in the next 4 years compared to the $9.5 billion in 2017. Legalizing marijuana at a nationwide level can generate at least $132 billion revenue in tax and millions of job opportunities across the country in 10 years.
Additionally, data from New Frontier shows that the cannabis industry could bring an unprecedented revenue in sales tax and payroll deductions.
Currently, 25 states legalized medical marijuana and 7 states legalized recreational marijuana.
Legalized states can expect their growing income to rise from $4.7 to 13.3 billion between 2016 to 2020. Adult recreational sales are estimated to boost from $2.6 to $11.2 billion. These numbers confirm that cannabis is a major impactor on the US economy.
Before several states legalized marijuana, the black market was the only place to find it. The legalization of marijuana has either wiped out most of the illegal market or it encouraged them to register with the state to open a licensed dispensary.
Research shows that cannabis can alleviate pain, help with anxiety, and relieve depression and post-traumatic stress disorder symptoms. Many people have the misunderstanding that smoking marijuana quickens losing lung function over time. However, a study found that smoking marijuana may increase lung capacity. In fact, marijuana users are less likely to get lung cancer than tobacco.
Focus on More Serious Crime
Legalization of marijuana would do two important things. First, it provides the police department and courts more funds through tax revenue. Second, marijuana legalization will relieve pressure off the police and court since they will be able to focus on other crimes.