Legalizing marijuana has indeed economic. A lot of states in the US has already legalized the use of marijuana for recreational purposes. Due to the legalization of marijuana, economists have seen the great benefit not only for the state but as well as for the federal governments. 

In Mrinalini Krishna’s article, she talks about the many economic benefits that legalization of marijuana has brought US so far:

Better than expected sales of marijuana in Colorado and Washington over the past year have resulted in buoyant tax revenues. In 2015, Colorado collected more than $135 million in taxes and fee on medical and recreational marijuana. Sales in the state totaled over $996 million. Sales in North America grew 30%, to $6.7 billion, in 2016, and is projected to increase to $20.1 billion by 2021, according to Arcview Market Research.

That is the carrot that dangled before many states. California, which is much larger in size and population than Colorado, could exceed $15 billion in sales revenue and $3 billion in tax revenue, according to an April 2016 study by ICF International. A special senate committee in Massachusetts estimated tax revenues from marijuana sales in the range of $50-60 million.

Income and Jobs

Setting up marijuana nurseries and dispensaries would be the first step for the states that voted in favor of medical marijuana. These would not only create jobs but also set the ball rolling for economic activity in the pot industry in these areas. Continue reading here…

With the growing economy, other countries who have legalized marijuana will eventually see economical benefits soon.

Hemp can not only save the economy, but it can also alter the environmental impact of the planet appreciably. It is not just a practical crop; it is also environmentally sustainable. Hemp takes large amounts of carbon dioxide (CO2) from the atmosphere to grow, which makes it not only carbon neutral but also harmful. When combined with the fact that it becomes in just four months and is one of the crops with the highest biomass on the planet, it means that large amounts of carbon can be fixed and converted into oxygen – eliminating it from the atmosphere. Even when processing its fiber into products – like a house built with hemp concrete – carbon remains fixed.

Hemp also benefits the environment regarding the rural way of growing it. Thanks to their ability to kill invasive weeds and resist pests naturally, farmers can grow hemp organically with minimal difficulty – no pesticides or herbicides are needed to produce healthy. There is also the fact that it can balance and restore soil nutrients while eliminating toxins and chemicals, which makes it an ideal crop to rotate with others – reconditioning the soil each time.

SO, WHY IS NOT THERE HEMP EVERYWHERE?

Although hemp can be grown legally in most of Europe, it is a crop that occupies a tiny part of the agricultural market – especially when compared to its historical levels. It was around the time of the discovery of the New World when the cultivation of hemp took off, and in many places in America, it became a requirement for farmers. Although it is currently illegal in the US before the ban, it was recognized that cars could run on hemp fuel and that the global supply of paper could be created from it.

You may wonder: if it is legal in Europe, why is it not produced anymore? Well, it’s ridiculous, but one of the reasons is its perception. Hemp is seen as too close to marijuana, and many people do not know the difference. It generates an air of criminality and aversion among people who do not know much about the subject. This means that politicians do not want their name to be related to it, nor support the changes that would favor their cultivation, nor the industry that can develop around them.

This brings us to the next point: Hemp is rarely subsidized as it is with other crops. Result: Its price is high, too high, to be economically as viable as other resources.

Under the traditional grant model, governments offer incentives to farmers to grow certain crops they believe are necessary. For the farmer, it is a simple decision what to build – a plant that the government wants, favors and for which it pays. Hemp, on the other hand, can be difficult to sell at a reasonable price. Hemp has the loss of almost all the time.