Financial Benefits Of Legalizing Marijuana

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In this world there is a drug that can treat hundreds of ailments with minimal side effects and also boost local economies, but it is federally illegal. As research increases, studies have shown the incredible medical and financial qualities of marijuana. With 23 states that currently have legal medical marijuana and 11 states very close, thousands of medical patients are receiving treatment from this plant. Now, four states have legalized marijuana for recreational use (“23 Legal States”). Since sales went underway in Colorado, the state has reaped huge financial benefits from the tax on marijuana. Millions of dollars in revenue has come just in the first year of legalization. Being that the financial and medical benefits outweigh the negative …show more content…
People use marijuana by either smoking it or eating food products containing cannabis called edibles. In 1937, the Marijuana Tax Act was passed officially banning the use and sales of marijuana. The basis of this act was the accusation that colored men using marijuana were more likely to become violent towards women. When this act was passed, people’s medicine cabinets were filled with medicines containing cannabis. After the act was declared unconstitutional in the 1970s, it was replaced by the Controlled Substance Act and was classified as a scheduled I illegal substance. (Dr. Malik Burnett and Amanda Reiman, “How Marijuana became illegal”). Marijuana has been used as a medicine for over 5000 years. It has been proven to aid in nausea, insomnia, anxiety, depression, epilepsy, glaucoma and much more (Jennifer Welsh and Kevin Loria, “23 Health Benefits”). Already, 23 states have legalized medical marijuana and thousands of people are getting the treatment they need. Over 34 million Americans rely on addictive medications such as opiates …show more content…
Within the first year of legalization, Colorado raised over 72 million dollars in tax revenue that went to schooling around the state (Paul Armentano, “Marijuana Surpasses Alcohol). Not only does the legalization raise tax revenue for the state, it provides job opportunities for thousands. Marijuana is developing its own industry. Thousands of stores, lounges, and marijuana based businesses are booming all over Colorado. These businesses are providing job opportunities all over communities. With the federal legalization, Marijuana dispensaries would reap the same tax benefits other companies receive, therefore being able to reduce the prices of their products. Currently, all marijuana sales are in cash and owners do not receive any tax breaks which results in high prices for marijuana. (Jack Healy, “Legal Marijuana Faces Hurdle”). Since it would be federally legalized, the government would control the growing part and distribute the product to approved dispensaries all over the country. With direct control over growth, the government would decide how much to grow, how much to sell to each state and can regulate the potency and purity of the marijuana. The government would not only obtain money by taxing the sales, but also from selling the marijuana to dispensaries. When comparing the marijuana industry to the alcohol

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