Economic reasons to legalize marijuana

August 27, 2021
culture
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Economic reasons to legalize marijuana

Marijuana legalization is taking off. Canada has passed the bill to legalize cannabis consumption, more than half of the US states have legalized weed in some form. That’s not all, UK has started giving out medical cannabis licences and Israel has legalized possession. However, India still plans on keeping its laws about marijuana unchanged.



 

Legalization will create enormous amount of tax revenue

As of September 2015, weed in Colorado was generating almost double the amount of tax revenue when compared to alcohol($70 million to $42 million). Likewise, in Washington, the first year of legalization racked up an incredible $82 million in tax revenue. Canada expects that the end of 95 years of prohibition will curtail an estimated $4.5 billion (₹320 crores approx.)  in profits pouring into the black market. And that’s in a country with a population size less than 1/35 times of India’s. Imagine what could be done with that money in India.



 

Legalizing cannabis would create a lot of jobs

Legalization will be a boon for the jobs market. Not only will we see jobs that put workers in direct contact with the cannabis plant: farmers, processors, distributors, and retailers. But, we’ll also see growth in ancillary weed businesses and weed related companies like Leafy, Eaze, Bhang Medicinal Chocolate.And how can we forget the medical cannabis industry and jobs that it will create.



 

Legalizing hemp will create a new revenue source for farmers in despair

Hemp has been a part of Indian religious ceremony, culture, and lore for thousands of years. Under British rule, Indian hemp plantations were taxed and regulated. Recently, Uttarakhand announced that it will allow local farmers to begin growing hemp. The catch being: they can only sell it to the government for industrial purposes.

Hemp is a cash crop, it grows readily in very diverse geographical and climatic conditions. It’s easy to grow, and needs minimal care. Farmers in distress can turn to hemp as alternative source of income.



 

Last toke:

 Now more than ever, we know that clubbing cannabis with harder substances in the NDPS act was a grave mistake. Every country and state that has amended its laws has seen exceptional success. Not only did legalization generate revenue, the states also saw a decline in crime.  Legalizing cannabis will breathe back life to India’s plan of becoming a developed nation in the next decade.

 

 

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