The Economic Impact Of A Legalized Marijuana Industry

The economic impact of a legalized marijuana industry is often overstated by casual advocates. Some even make a ludicrous suggestion that it would pay off the national debt. Legal marijuana, just like any other solution alone, can’t fix our national debt. It was $16.4 trillion when it reached the debt ceiling on December 31, 2012. Nevertheless, there clearly are no perfect forecasts for determining the potential economic impact from the legal marijuana industry in the future. However, according to the available data, approximately 1 in every 10 Americans smokes marijuana at least once a year. Among them, about 24 million Americans smoke marijuana on a regular basis. CNBC offered a moderate estimate that a fully legal marijuana industry would generate $16-20 billion a year in taxes and $40 billion a year in sales. Clearly legal marijuana wouldn’t be the economic miracle as some people expect it to be, but it still represents a massive economic impact. As the former Se nator Everett Dirksen reportedly once said, â€Å"A billion here, a billion there, and pretty soon you’re talking real money.† Colorado’s decision to legalize recreational and medical marijuana has added over $100 million to the state’s budget annually. First, the state collected $76 million in taxes and fees from the legal marijuana industry. Secondly, the state’s criminal justice costs were reduced by up to $40 million annually, according to a conservative estimate by the Colorado Center on Law and Policy. InShow MoreRelatedThe Legalization Of Marijuan A Positive And Negative Effects On American Society849 Words   |  4 PagesThe legalization of marijuana can have many positive and negative effects on American society. State budgets are constantly looking for new avenues of revenue and ways to create new industry. The legal system in place is exhausted and unable to sustain the current rate of incarceration and enforcement. Our jails and prisons are overcrowded and law enforcement budgets are challenged every year trying to keep up with the enforcement of marijuana use, smuggling a nd production in addition to its otherRead MoreReasons : Should There Be Label Warnings?788 Words   |  4 Pagesconsume and use today, under the regulation of the FDA †¢ According to the FDA â€Å"†¦Ã¢â‚¬Å"marijuana and marijuana-derived products† are â€Å"drugs (Ascik, 2017).† †¢ According to the DEA, â€Å"marijuana is a mind-altering (psychoactive) drug (Ascik, 2017).† †¢ In 1996 the Surgeon General’s wrote a report describing marijuana as an â€Å"addictive drug† †¢ Despite its legalization in many states today, the FDA still has not deemed marijuana to be safe or effective for consumption. (Ascik, 2017) Slide 2 Should ThereRead MoreMarijuana Should Not Be Beneficial For Medical Purposes1080 Words   |  5 PagesMarijuana has proven to be beneficial for medical purposes. It has therapeutic effects that will ultimately allow patients with adverse health conditions to improve their quality of life. Legalizing marijuana can also improve the state of the United States’ economy through taxation and creation of job opportunities. Additionally, it can reduce the crime rate in the United States and save the United States tons of money. Contrarily, marijuana should not be legalized for recreational usage. ExtensiveRead MoreThe Battle Of Legalizing Marijuana1289 Words   |  6 Pages1st Hour 4/20/17 The Battle to Legalize Marijuana in the United States The United States is splitting up into two sides with the date of 4/20 coming closer with one wanting the legalization of the plant substance and the other opposing it. According to the United Nations, 158.8 million people around the world use marijuana—more than 3.8% of the planet’s population. Marijuana was legalized on the 20th of April in Colorado in 2014. It has been legalized in various other states such as: Alaska, CaliforniaRead MoreShould Marijuana Be Legalized?1269 Words   |  6 PagesLegalizing Marijuana Marijuana is most commercialized drug in the world, so why not just legalize it? Although there are legal restraints against marijuana, 1 in 3 Americans have tried it, out of curiosity at least once. Multiple studies have proven that, marijuana is psychologically and physically healing. Medical marijuana should be legalized for its beneficial advantages, such as, treating or preventing health conditions, increases in tax revenues, and improvements in our communities. Marijuana, mostRead MoreLegalizing Marijuana1422 Words   |  6 PagesCannabis Sativa, more commonly known as Marijuana, is made up of dried parts of the Cannabis hemp plant and is the most commonly used illegal drug in the United States. For centuries, people all over the world have been using marijuana to achieve â€Å"euphoria†, but the drug has remained illegal in the United States despite countless efforts to reverse the law. In the last few years, the legalization of Marijuana became both a prominent and controversial issue in our country and remains an extremelyRead MoreShould Marijuana Be Legalized?971 Words   |  4 PagesEconomic analysts from all over the United States have predicted that we spend $20 billion dollars a year to fight a senseless war on marijuana. According to the United Nation over 94 million people in the United States have admitted to using marijuana at least once. This number is not shocking, because marijuana is a safe and harmless drug. Marij uana is used for several different medical purposes. It is also healthier than already legalized drugs. The prohibition on marijuana is failing, there isRead MoreShould Marijuana Be Legalized?1638 Words   |  7 PagesCannabis Should Be Legalized in the United States In 1920 when alcohol prohibition began the war against cannabis had been going strong for a decade. In 1910 the Mexican Revolution created a surplus of Mexican immigrants in the United States; American citizens were frightened by the Mexican culture, including their recreational use of cannabis (Marijuana Legalization, 2015, para 7). Politicians continued to use fear and racism to grow disapproval and hatred of cannabis. Beginning in 1915 twenty-nineRead MoreShould Marijuana Be Legalized?1521 Words   |  7 Pagesoutdoor trips. This list has been enlarged by a legalized access to recreational marijuana in January 2014. People from other states can now stop by marijuana dispensary and purchase up to  ¼ ounce of retail marijuana at once. According to the Marijuana Policy Group research, out-of-state visitors purchase 44% of metro area retail demand and about 90% of retail demand in mountain counties. This demand from tourists has increased income of Colorado marijuana dispensarie s dramatically. However, as thereRead MoreShould Marijuana Be Legalized?1229 Words   |  5 PagesMarijuana is the most popular street drug in America, if not in the entire world. It is a Schedule 1 drug which puts it in the same category as Heroin, LSD, MDMA, Ecstacy, etc., which are the most dangerous drugs in the world that can seriously harm someone. But Marijuana is now legalized in Twenty-Six states, plus the District of Columbia, for medicinal and/or recreational use. Even though cannabis is an illegal drug, hundreds of millions of people are still finding ways to get a hold of Marijuana