The debate on the legalisation of marijuana is still hot in many countries. However, many states have gone forward and legalised it for both medicinal and recreational purposes. This thought plan has opened gateways of new economic benefits.

This path will be the perfect guide for many developing countries to move forward the reap the economic benefits of legalisation of weed for the growth and development of their respective countries. If you are wondering where it all began, maybe this timeline on which legalised weed might be of help. Most countries do not criminalize the use of cannabis but still haven’t officially legalized it.

• Medical Marijuana became legal in California in 1996.
• In the 2010s, many states went ahead to legalize medicinal use in 33 countries. Legal cannabis use in 11 states, amongst which Washington and Colorado were the first to legalise for adult use.
• Uruguay, a South American country, was among the first countries to legalise weed in 2013.
• Canada, on the other hand, legalised the consumption of weed in the year 2018.
• Spain has marijuana clubs where people can come to use this herb; however, official sale and purchase is still illegal.
• The Netherlands lets the citizens have and cultivate weed as long as it is not sold to minors.

Economic Benefits of Legalization of Weed

When it comes to the benefits of legalising weed, they are both economical and regulatory. The sale and purchase of marijuana through the black market can hamper society and the country from within. With the medicinal drug falling in the hands of minors will harm the youth of any state. Also, the economic benefits of legalizing weed add in favour of legalising it along with the regulatory aspect. The economic benefits are quite comprehensive, so maybe these points here might help you walk through it:

Increase in Tax Revenue

With the legalisation of marijuana for medicinal purposes and recreational use opens doorways to boost the economy of any country. The revenue in taxes could be humongous alone. Cannabis products are subjected to two forms of taxation: Regular Sales Tax and also, Excise Tax. These revenues can generate income for both local and federal governments of the countries.

Creating Business Opportunities

Legalising weed can spur a new space for business opportunities to boost the economy. Many new and young and innovative entrepreneurs have realised the potential of the market. They have started to create unique and exciting forms of cannabis products and the ways of delivering it to the consumers.

Generating Employment Opportunities

The cannabis industry is enormous. There are many aspects of production, marketing, distribution and sales, which can create new job opportunities for the local area. Many studies have found the cannabis industry to be the fastest-growing job market of the country. Countries ailing from huge unemployment issues can look into legalising weed to create new job opportunities in the country.

If these reasons weren’t enough, there is also a massive aspect of investment opportunities to look into as well. Many people still see the use of cannabis as an illegal substance, but the reality couldn’t be any further away. In a time where countries are struggling to meet the basic needs of the citizens, the marijuana industry can bring in tremendous growth and development to any nation.