This may seem bizarre but legalizing marijuana could help to boost economy. In United States the process of legalizing it was started in November 2016. These states in USA like California, Nevada, Maine, and Massachusetts had made it the recreational marijuana ingestion legal whereas, Arkansas, Florida and North Dakota, these states have allowed the medical related consumption of marijuana legal. Let us see how this step could impact in creating an economic prosperity:
Creating more employment opportunities
It is a known fact that the more the merrier. This legalization would help people to plant marijuana and businessmen to open their marijuana dispensaries, nursing facility and distribution of these. All these operations require human potential, which means that it will bring more employment opportunities for many people in that state. This human capital will help owners to make profits achieving surplus. The more people are employed they will be able to pay off their liabilities and taxes which will help government. Employed people will have a significant positive change in their living styles.
Impact on taxes and increased generated revenue
This is the part where we are being responsible citizens should pay our taxes so that government could use that money to provide better infrastructure, health, education and protection facilities. Legalization of cannabis will create a boom in the cannabis industry. Because in order to meet increased demand, more production will be done to supply the cannabis for medical purposes, the more it is sold the sales tax would be paid. It would also bring additional tax revenues.
Controlled pricing for marijuana
If marijuana is legalized then there wouldn’t be monopoly in the market, every marijuana owned businessmen would sell it on the defined prices rather than charging them sky high. This would lower the price of marijuana.
Saving on prisons
After legalizing it, there will be no shady people hiding in the slum areas of cities trying to sell it, everything would be properly channelized from the government then government would not have to worry locking people for selling it and that means lesser people in jail (those who have committed serious crimes will not be spared) and so less amount spent by government on prisons.
Investment in science
Legalizing it for medical purposes will open gateways for researches to spend their timing digging medicinal benefits of marijuana. This can bring revolutionary changes in the fields of science like cure of cancers.
In the end it can be said that marijuana is a prospect industry which could thrive creating better opportunities for people.