The Main Reasons That Cannabis Is Boosting The Economy
Although there is still some apprehension about all states legalizing marijuana, many top officials are beginning to notice the positive impact it is having on the economy. As Colorado and Washington took over as the trial states, their uplifted economies are proving that legalizing pot may be just the thing that other states need to do. Let’s look at the top reasons why cannabis is changing the economy for the better.
More Tax Collection
Now that cannabis will be sold on the legal market, that means the State gets to enforce sales tax. Washington State alone is estimated to bring in over $500 million dollars in additional tax revenue from the sale of cannabis. That’s a lot of money that can boost the economy.
In addition, sales of all related equipment to consume the cannabis are also generating revenue. By instituting operating permits, State and Local Governments are providing another way to improve their financial gains.
Savings In Prison Expenses
Legalizing cannabis has stopped officers from arresting those in possession of this drug. That has to lead to savings in the cost of annual prison expenses. It’s been calculated that the United States spends over one billion dollars each year on incarcerating cannabis-related offenders. This is money that could be saved if all states legalize this substance.
More Local Businesses
Cannabis is a new industry that requires many sectors. The growers, the harvesters, and the sellers are the most basic level of this improvement in booming retailers. However, cannabis is boosting many other businesses in the economy as well.
Those who sell retail products, such as the ones found at https://www.smokecartel.com/collections/glass-water-pipes-and-bongs, to consumers for cannabis use are booming. There are now home growing kits, delivery services, and restaurants that serve food with cannabis. The number of retailers and new businesses that are booming due to this new industry opening is truly amazing.
Eliminate Enforcement Costs
When cannabis is legal, law enforcement no longer has to prohibit its use. This will save tons of money in the process of undercover, overtime, and judicial work. It’s been estimated that legalizing marijuana will save the entire Nation over 13.7 billion dollars per year.
New Jobs Created
One of the biggest benefits of the cannabis industry is the growth it has in creating new jobs. All the facilities we talked about above are going to require workers. This means a ton of new jobs for State residents to take advantage of.
As you can see, there are numerous ways that the cannabis industry is positively affecting the economy. The ways mentioned above are just the start of a new revolution. These are the specific ways that both Washington and Colorado have found that cannabis has influenced their economic state.
As the legalization of marijuana makes its way across the entire country, there will be a large difference in the overall national economy, in addition to all the individual states. We are sure that you can agree that cannabis is an industry that can change the economic downturn of 2008 and help those who are still in financial trouble bounce back.