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Countries like Argentina, Australia, Chile and Jamaica have already decriminalized the possession and use of marijuana. Many other countries like India, Switzerland, Canada and Mexico are set to legalize marijuana soon if the wind continues to blow in the same direction.
A recent report given by ArcView Market research showed an increment of 30% in revenue from 2015 for the North American legal weed market. The figure stood around $6.7 billion in 2016. ArcView predicts that the annual sales will grow by 25% up to 2021. A poll conducted in America showed that there are approximately 33 million people who smoke pot in the country.Few of the reasons given by the countries that are in favor of legalizing marijuana are:
1.It reduces harm: Legalizing marijuana will reduce the mixing of hazardous substances with marijuana as the government will oversee its distribution. 2.It can create jobs: Marijuana is one of the biggest cash cows of major countries. Bringing this under Governments rule will create job opportunities in the economy instead of illicit activities.
3.It helps in saving money: The money invested in preventing the use of marijuana currently can be redirected for other purposes.
4.Medicinal purposes: It has been reported by many research agencies globally that marijuana has many medicinal purposes and can be used to revolutionize the pharmaceutical industry.
Since Colorado has legalized marijuana, its economy is booming. It has become one of the fastest growing economies of the United States of America. The unemployment rate of Colorado has fallen down drastically after the legalization. The state has already collected approximately $53 million in tax from this business alone. This has not only increased the demand for commercial spaces but also helped other businesses such as security, marketing and web hosting grow.
The legalization of Cannabis can have a drastic effect on the economy. Imagine an entire industry which is already working full-fledged illegally coming under the formal economy. This will create openings in cultivation, harvesting, seeding, and distribution. This industry has also attracted many young entrepreneurs to start joint rolling and delivery services.
Cannabis is considered as a recreational drug and a medicinal plant even though it is classified as a schedule substance 1 under the controlled substance act of 1970 by 91st United States Congress. (Schedule substance 1 is defined as a substance which has a very high potential of being misused by its users.) It has been in use since ages. There are many references to cannabis in ancient epics from all over the world. Its only recently, that marijuana has been banned as per the Marijuana tax act of 1937 passed by the United States of America.
In view of these reasons, globally governments are beginning to legalize marijuana so they can indulge in its benefits. The entire process will re-evaluate the economic stand of the country, create more job opportunities and sustain developmental growth through sales and business models.