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.