30 states and the District of Columbia have legalized the use of marijuana. But this year, there are three states that are awaiting the decision to legalize marijuana. There are a lot of benefits of legalizing marijuana, which is actually a good thing, medically speaking. In Keith Speights’ article, he talks about the three states that will most likely legalize the use and selling of marijuana:

  1. Michigan

Michigan already allows patients to use medical marijuana. The prospects of the Wolverine State also legalizing recreational marijuana now look better than ever.

The Michigan Board of State Canvassers gave its stamp of approval on April 26, 2018 to an initiative to put recreational marijuana legalization on the ballot later this year. Supporters needed to gather 250,000 signatures; they ended up with more than 365,000.

There’s one compelling reason why states like Michigan are considering allowing recreational marijuana: higher tax revenue. The proposed ballot measure would legalize possession and sale of up to 2.5 ounces of marijuana for recreational use, if passed. All recreational marijuana sales would be taxed at an additional 10% on top of Michigan’s current 6% sales tax. The revenue generated would be used to fund education, roads, and cities and counties with marijuana-related businesses.

It’s possible, however, that legalization of recreational marijuana won’t be on the ballot when voting takes place in November. The state legislature could pass a bill to legalize recreational marijuana even sooner.

Republicans are currently in control of Michigan’s legislature. Some of them are concerned that having recreational marijuana legalization on the ballot could boost voter turnout in ways that hurt their chances to maintain their majority.

2. New Jersey

It was clear nearly a year ago that New Jersey could be headed down the path to legalize recreational marijuana. Then-candidate for governor Phil Murphy publicly voiced his support for legalization.

Fast forward to today. Murphy, a Democrat, is now governor of New Jersey, and his party controls the state’s general assembly.

Gov. Murphy is promoting a bill that would legalize recreational marijuana in his state. He even included additional taxes from recreational marijuana sales in his proposed budget for New Jersey’s next fiscal year, which begins on July 1. However, Murphy is running into obstacles. See full post here..

With the many benefits of legalization of marijuana, it will eventually get legalized in no time. 

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.

There are more and more countries who are legalizing the use of cannabis for medical purposes and recreational one. This means that the demand for cannabis will now be growing since it’s now being legalized by many. In fact, according to the ArcView Market Research, in 2027, the spending on cannabis can hit for up to USD 57.

In this article written by Thomas Pellechia, he talks about a growing demand of cannabis around the world, and more specifically in North America:

The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. The largest growth spread, however, is predicted within the rest-of-world markets, from $52 million spent in 2017 to a projected $2.5 billion in 2027.

The worldwide adult recreational cannabis market remains hampered by the United Nations and its 1961 Single Convention on Narcotic Drugs. The Arcview and BDS report believes nothing will be done to change the U.N. attitude until U.S. federal laws legalize marijuana — something Arcview’s CEO, Troy Dayton, believes will happen after the 2020 presidential election.

Still, the main difference between the U.S. and European cannabis markets is that in the U.S., recreational use will dominate sales. With a budget of $1.3 trillion in health care spending, European government-subsidized health care systems will bring the medical cannabis market to dominate Europe and become the largest medical marijuana market in the world. Read full post here…

Legalization of cannabis all over the world can be seen as a benefit and a disadvantage depending on how people will utilize it.