Despite the fact that several aspects have been going against the legalization of marijuana in the US, find below a list of economic reasons why legalization might actually make sense.
In case you were to view marijuana legalization purely from a monetary perspective, there would be several compelling reasons to legalize marijuana in the US.
Helps in raising considerable revenue
The foremost reason for legalization of marijuana would be bringing in loads of revenue for both the federal and state governments. Several reports have revealed that immediate legalization of marijuana at the federal level could bring in a considerable federal tax amount. Moreover, there would be a 15% increase in retail sales tax, business tax revenue, and payroll tax deductions. It would be pertinent to mention here that the federal government could start collecting virtually no revenue yearly from marijuana to generating more than $10 billion yearly.
Helps in increasing job opportunities
It would not be wrong to state that legalization of marijuana would also increase job opportunities in the market. It has been believed to immediate legalization of marijuana would create a steady growth through 2025. As a result, there would be more than 1.1 million job opportunities for the people in the US.
However, the big question to consider would be from where you expect to gain job opportunities? The immediate sector would be people required for farming, processing, distributing, and retailers for cannabis plant. Any business that has been directly associated with cannabis supply would open job opportunities for the people.
Helps investors to make the most of long-term legal marijuana industry
Yet another reason to consider about marijuana legalization in the US would be an opportunity for investors to make the most of legalized marijuana industry and retire comfortably. Despite the cannabis industry is new to the arena; chances are there may be hiccups in the long run. However, the duration for which cannabis remains illegal at the federal level, several investors would have little ability to make the most of the benefits offered by its immense potential to grow.
On the legalization of marijuana, the stocks would be listed freely on reputed US exchanges. It would enhance their liquidity and boost the standards of reporting. Moreover, it would provide the investors with an opportunity to make the most of making a double-digit growth for years to come.
Last but not the least; you would be saving a significant amount spent every year on law enforcement to curb the menace of illegal marijuana.