There are many advantages to legalizing marijuana for recreational use, especially when it comes to our economy. If you take out your preconceptions of the drug, you will come to the realization that alcohol and tobacco are considered a drug yet they regulated, sold, and taxed by government. Why would the government want to sell something that can harm the human body? There are two factors to consider: monetary advantages and a decrease in crime rate. With tobacco being estimated to produce 700 million dollars in taxes alone (in Canada), it is hard not think of what marijuana could bring to the table.
In Colorado, it has been approximately six months since the legalization of marijuana, and if the figures stay consistent it has the potential to generate millions in tax dollars. The State produced close to 22 million dollars in taxes - which include licensing and fees - in these first six months alone, as documented by the State Department of Revenue Data. Imagine how much the whole country could generate if it followed Colorado’s lead? This could be exactly the type of stimuli the country needs to break through the economic downturn it's been suffering for the last several years.
There is no doubt that there is a huge black market for marijuana in the States and all over the world. By legalizing and regulating sales of marijuana, we would ultimately take money out of the hands of criminals and gangsters and decrease the availability of funding for further criminal activity. The hope is that the money that will be generated through the taxed sale and distribution of marijuana will be used as an extra boost for the economy, while ultimately creating more jobs because you have just established a new industry.
It is imperative to note that by obtaining the extra source of funds from even one year’s worth of taxation of Marijuana we could further reduce the provinces/countries debt and could further strengthen our economy.
In the news story below, Harry Smith, a NBC anchorman/contributor leads viewers on a proper, journalistically balanced tour of Colorado's local marijuana industry.
Citations:
Goodman, L. (2014, February 11). Tobacco Tax In 2014 Canada Budget To Grab $700 Million From Smokers. Retrieved from http://www.huffingtonpost.ca/2014/02/11/tobacco-tax-2014-canada-budget_n_4769553.html
Colorado Marijuana Tax Data. (2014, January 1). Retrieved from http://www.colorado.gov/cs/Satellite?c=Page&childpagename=Revenue-Main%2FXRMLayout&cid=1251633259746&pagename=XRMWrapper
Why We Should Not Legalize Marijuana. (2010, April 20). Retrieved from http://www.cnbc.com/id/36267223
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