10 out of 50 states across the U.S. have legalized weed.
Despite states giving marijuana users the okay for recreational use, the federal government still considers marijuana a controlled substance. Because of that, Feds can come into states with legal marijuana laws and still punish users.
That reality is confusing to weed enthusiasts and business owners alike, especially given the widespread economic benefits the legalization of marijuana brings with it.
The United States currently carries a debt of nearly 21 trillion dollars. Legalizing weed on a national level would offer tremendous benefits when it comes to clawing out of that hole.
Below, our team breaks down 11 of the specific economic benefits of legalizing marijuana that are worth noting the next time you’re arguing in favor of legal weed!
1. Tax Revenue
One of the most commonly cited benefits of legalizing marijuana is the tax revenue it could bring to states and to the federal government.
Looking at Nevada alone, legal weed has afforded the state a whopping $70 million worth of tax revenue during the first year it got legalized. Add to that total the amount of money other states like Colorado, Washington and California have raked in over the last 12 months and the picture becomes clear…
Legalizing marijuana can provide a huge impact when it comes to funding schools, creating affordable housing, and making local communities better places to live.
2. Job Market Boost
Jobs are in good shape in today’s economy, with the country boasting an unemployment rate that’s just under four percent. Still, if history is any indicator, what goes up must come down – and that’s sure to be true of the economy in the next few years.
One of the best ways to safeguard our economy from the ebbs and flows of the stock market is through the legalization of marijuana.
With legalized weed comes tons of stable jobs. These jobs come in the way of dispensaries, farms, lobbyists, outreach partners, and more.
By some estimates, the federal legalization of weed could add over a million jobs to the economy. No matter how you look at it, that’s an incredible thing few other industries have the power to do.
3. More Consumer Spending
Any product you can add to the marketplace that is in demand is something worth your selling consideration. The more consumers are willing to leave their homes and spend their money, the more economies flourish and job markets strengthen.
That’s why heightened consumer spending is one of the most powerful benefits of legalizing marijuana.
With marijuana legalized, people who were too afraid to purchase it on the black market can now spend the recreational cash they’re saving. And who knows, once that consumer is headed to a dispensary, they might end up buying other things like food en-route.
Bottom line… People getting out and spending money is good, and people want to spend their money on marijuana. Let them – and we’ll all reap the benefits.
4. Investment Opportunities
A lot of people in the United States are underprepared for retirement. In order to get to where they should be, many investors need a Hail Mary play that can help their savings grow fast.
The benefits of legalizing marijuana and the opportunities it would provide to investors could be exactly what the doctor ordered.
Marijuana is an industry with high demand; to this point, it has been untapped as far as its full potential is concerned. If it were to become legalized on a federal level, investors could put their money in new companies that are sure to explode as most high-demand, new-to-market companies do.
With marijuana bolstering retiring individual’s savings comes less burden on taxpayers to help support people who might have otherwise needed public assistance.
5. Fewer Police Resources Spent on Prevention
Police officers have a lot to do in order to keep communities safe. The fewer marijuana calls they need to respond to, the better their chances are of being able to do their jobs effectively and efficiently.
With local funding for law enforcement and related public services down, it’s important that we help the people who get charged with our safety focus their efforts on big wins.
Doing so will result in less overtime funded by taxpayers and more bang for our public services buck.
6. Fewer Resources Being Expended at the Border
A lot of the marijuana that flows into the U.S. black market comes from south of the border. And guess what?
As long as there’s demand for black market marijuana, it’s going to keep coming.
The near constant influx of marijuana smuggling that filters through Mexico means that the USA needs to invest more resources in hampering the trade. If weed got legalized in the states and people were able to get their marijuana from local growers, foreign drug dealers would lose their smuggling incentive.
Consequently, we could soften our border patrol’s burden.
7. Healthcare Savings
The U.S. gets lauded for many of its qualities, but its healthcare costs are not one of them.
By some estimates, the average American spends over $10,000 per year on healthcare related expenses. For those living at the poverty line, that number could represent a third of their annual income.
Marijuana offers a wide array of health benefits that can help consumers save big when compared to pharmaceutical drugs. Those savings could keep millions of people across the country economically viable and also feeling their best.
8. Consumer Savings
The more consumers save, the more money they have to invest in other things like food and entertainment. That’s why competition is worth noting as one of the key benefits of legalizing marijuana.
If you’re buying marijuana from street dealers, limited supply and high demand drives up prices. That price growth leads to people spending more money than they would if more competition existed in the marketplace.
Through legalized weed, if you’re getting offered sub-par prices by one business, you can easily go up the street and find a place that’s offering better rates.
That reality will lead to more competition in marijuana pricing and more savings for consumers.
9. A Reduction in the Prison Population
Did you know that the cost to house a person in prison is roughly $31,000 per year? That’s why it’s important to keep prison populations down and relegate imprisonment to violent offenders as much as possible.
Unfortunately, with weed being illegal, many people who use marijuana in hard-nosed states have found themselves crowding federal prisons.
By making marijuana legal, people who don’t belong in prison won’t end up there. That means you won’t have to pay for large portions of the population while they sit in a cell not working.
The tax savings that offers governments is enormous.
If you or someone you know has found themselves in a legal situation due to marijuana usage, many attorneys like those at Stockmann Law specialize in marijuana-related cases. Find representation so you can stay out of jail.
10. Conservation of Resources
Money spent by governments on infrastructure projects to deal with water and energy shortages total in the billions of dollars. Legalizing marijuana can help reduce that burden.
When marijuana gets cultivated in the shadows, growers need to emulate outdoor conditions indoors. That results in tremendous energy use and water expenditure.
By allowing those growers to come out of the shadows, communities could save billions of gallons of water and an untold amount of energy on an annual basis.
Those savings means a less costly intervention on the part of the government.
11. Reduction of Black Market Fatalities
The economic repercussions of death are often overshadowed by the emotional repercussions. The truth is, when a person gets murdered because they needed to get or sell marijuana under the table, the cash cost of that murder is enormous.
Families may lose a provider, which could lead them to need public assistance. Children could lose a parent, which can lead to an emotional turmoil that could result in getting incarcerated. Police need to launch costly investigations and courts need to conduct lengthy trials.
All of the money involved in those activities could get saved if the federal government took the vale off of marijuana use.
If no other benefits of legalizing marijuana have moved you to this point, hopefully, the thought that legalization saves lives and saved lives saves money will move you.
Final Thoughts on the Economic Benefits of Legalizing Marijuana
The benefits of legalizing marijuana on the economic front are both undeniable and substantial. All of the savings and revenue legal weed bring with it would help the nation turn a surplus each year and start making a dent in the massive debt owed to other countries.
If you think that the benefits of legalizing marijuana outweigh the cons, talk to your local congressperson. Talk to community leaders. Start letting people know that you want them to take action.
For more man-centric content, check out our other articles on Izzy Web today!
