Ironically, the underground drug trade is a great example of American capitalism, and the economic laws of supply and demand. For a Nation built upon capitalism, free markets, and individual rights, the U.S. Government has yet to legitimize the commercialization of Cannabis and take control of this now clandestine industry. This multi million-dollar industry can potentially provide the Government with additional funds at a time when they are in desperate need. The US should legalize cannabis to provide economic benefits like tax revenue, new jobs, and less costly law enforcement services. The most discussed economic aspect in favor the U.S. Government legalizing Cannabis lies in tax revenues. Taking cannabis out of the black market and into
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Amendment 64 was passed in 2012. This granted the recreational use of marijuana is Colorado, making them become the first state in America to legalize commercialization of Cannabis for people 21 and older. Data proved that sin tax on Marijuana would in fact bring in lots of additional revenue for the Economy. When looking at the data recorded from Colorado in the last year, the state’s department of revenue noted that, “the first four months of legal marijuana sales resulted in $10.8 million in taxes alone”(Congressional Digest 4). If in just four short months Colorado profited $10.8 million more than their normal revenue, the gains nationwide would be quite drastic. The increase in revenue does not stop there. Since then, “Colorado has taken in over 53 million dollars in taxes for their State Government” (Congressional Digest 4). Much less, these numbers show that the additional revue Colorado is gaining is only getting more substantial over time. Hence why the legalization of Marijuana in Colorado surpassed all expectations according to Congressional Digest. By June of this year, “Colorado expects to collect up to $70 million dollars”(Congressional Digest 5). This statement notably adds to the point that tax revenue for marijuana will contain to rise. Colorado’s current economy after making the …show more content…
If this new industry were to emerge in the workforce, desperately needed jobs will began to arise. The jobs being created are more than just buying and selling the substance, in fact, “It’s not just the actual growing and sale of marijuana that brings in revenue and creates jobs; legal cannabis is an entire industry, requiring support staff and regulators as well”(Becker). According to a recent article published by Sam Becker, economist, there are over 16 different jobs legalizing marijuana would create and thousands upon thousands of people would be needed for each field. At a time when Americas current UN employment rate is 5.5 percent, a new job industry could be a much-needed boost in the economy. With the rate of Un- employment rarely getting any better (Becker 2), America has yet to legalize marijuana and unleash these thousands of new jobs to the
Amendment 64 was passed in 2012. This granted the recreational use of marijuana is Colorado, making them become the first state in America to legalize commercialization of Cannabis for people 21 and older. Data proved that sin tax on Marijuana would in fact bring in lots of additional revenue for the Economy. When looking at the data recorded from Colorado in the last year, the state’s department of revenue noted that, “the first four months of legal marijuana sales resulted in $10.8 million in taxes alone”(Congressional Digest 4). If in just four short months Colorado profited $10.8 million more than their normal revenue, the gains nationwide would be quite drastic. The increase in revenue does not stop there. Since then, “Colorado has taken in over 53 million dollars in taxes for their State Government” (Congressional Digest 4). Much less, these numbers show that the additional revue Colorado is gaining is only getting more substantial over time. Hence why the legalization of Marijuana in Colorado surpassed all expectations according to Congressional Digest. By June of this year, “Colorado expects to collect up to $70 million dollars”(Congressional Digest 5). This statement notably adds to the point that tax revenue for marijuana will contain to rise. Colorado’s current economy after making the …show more content…
If this new industry were to emerge in the workforce, desperately needed jobs will began to arise. The jobs being created are more than just buying and selling the substance, in fact, “It’s not just the actual growing and sale of marijuana that brings in revenue and creates jobs; legal cannabis is an entire industry, requiring support staff and regulators as well”(Becker). According to a recent article published by Sam Becker, economist, there are over 16 different jobs legalizing marijuana would create and thousands upon thousands of people would be needed for each field. At a time when Americas current UN employment rate is 5.5 percent, a new job industry could be a much-needed boost in the economy. With the rate of Un- employment rarely getting any better (Becker 2), America has yet to legalize marijuana and unleash these thousands of new jobs to the