How familiar are you with the ongoing push to legalize recreational marijuana in recent years? Since 2012, states all across the US have slowly and steadily begun the process of legalizing recreational cannabis. Arguments have been made regarding the benefits, anti-marijuana concerns have been presented, but most importantly, bills have been voted on and signed into law — solidifying recreational cannabis as LEGAL in many states.
Though Washington and Colorado were the first states to legalize it and Californians unfortunately cannot claim that fame (though we were the first to legalize medicinal marijuana in 1996), it’s hard to imagine a world in which cannabis isn’t recreationally legal in 21 states and counting, dispensaries weren’t popping up at every street corner, and weed delivery didn’t exist. A nightmare, to say the least, so we won’t dive too much deeper into that scenario.
As more and more states continue legalizing recreational marijuana, it’s increasingly important to reflect back on how we got here. Most importantly, it’s important to remember the legalization benefits has had on our country. In this blog, we’ll discuss the benefits of legalizing marijuana; from tax benefits and regulation laws to job and investment opportunities and a decrease in marijuana-related crime.
Needless to say, legal marijuana is a GOOD thing, but to understand exactly why, keep reading.
1. Tax Benefits
We’ll start our list with what could be considered the most well-known point in the argument to legalize recreational cannabis. In terms of revenue, it goes without saying that legalization has been incredibly profitable for states. According to the Marijuana Policy Project, adult-use cannabis sales have generated billions of dollars in tax revenue for states to reinvest in community programs and bolster statewide budgets. As of March 2022, that number was $11.2 billion with $3.7 billion generated in 2021 alone. That said, we can only imagine the drastic increase in tax revenue once the latest statistics are released.
As seen in the graph below, adult-use cannabis sales tax revenue is steadily increasing — a fact that is impossible to ignore and wise for all state leaders across the country to recognize.
2. Regulation Laws
On the black market, weed sales are entirely unregulated. This leaves the door open for increased risk such as laced marijuana, inaccurate dosage, and unfair sales practices. Though hitting up your local dealer and engaging in illegal weed sales may be cheaper and tax-free, it’s incredibly risky — just ask those most affected by the fentanyl-laced marijuana happening across various states.
If we can make one point abundantly clear, it’s this: Illegal weed isn’t worth it. The risk of engaging in illegal activity, the unregulated products, the potential for overdose, and the bad weed you’re likely to consume is not worth it.
That said, stick to your local dispensaries and weed delivery services. The practices are legal, the flower is certifiably fresh, the doses are correct, the potency and required testing are worth the extra cash, and you’re guaranteed to find exactly what you’re looking for every single time. For up-to-date information and ongoing articles, be sure to check out the FDA’s cannabis resources from time-to-time.
3. An Increase in Jobs and Income
As with any new and booming industry, cannabis sales have drastically influenced the job market in a positive way. Though prohibitionists may insist that cannabis legalization harms the workforce by introducing health and safety issues, that couldn’t be further from the truth. And, in fact, many studies have taken place that prove the exact opposite.
From the agricultural sector to the retail industry, cannabis encompasses a wide range of jobs that employee thousands of employees. How many to be exact? Well, according to Leafly’s most recent job report, over 428,000 people are employed in the legal cannabis industry with a projected steady increase in coming years.
While we’re still waiting for the 2023 cannabis jobs report, it’s safe to say that the industry continues to support hundreds of thousands of individuals who can generate income to support themselves, support their families, and inevitably reinvest in the economy in beneficial ways.
4. Investment Opportunities
Many of the biggest players in the cannabis industry offer investment opportunities that are mutually beneficial to both parties as well as the economy as a whole. Various investment opportunities include:
- Starting a business from scratch. Though extremely hard, starting your own cannabis business is both financially rewarding and something to be proud of if done successfully. Though keep in mind that many different challenges come with owning a cannabis business, especially since the legal industry is still in its infancy and many lawmakers oppose legalization as a whole.
- Purchasing an existing cannabis business. If starting a business from scratch isn’t ideal, purchasing an already existing and valuable business could prove to be lucrative. The price depends on the level of development; however, what you put in is exactly what you’ll get out of the purchase, so choose wisely and expect to still work extremely hard to scale your new business.
- Become a cannabis real estate developer. This one may be new to some, but purchasing properly zoned property to rent out to cannabis businesses to grow their product can be an incredibly lucrative opportunity if adhering to all legal requirements and regulations.
- Flip a distressed business. Similar to if you were to purchase an existing cannabis business, flipping a potentially failing business could prove lucrative IF you’re willing to put in both the money and work to prevail. Though this may sound like the ‘cheaper’ way to go about purchasing an existing business, it does come with a variety of challenges and is typically saved for the skilled investor with experience flipping businesses.
- Become a hands-off investor by purchasing shares of a cannabis company. Many cannabis businesses have all the tools and expertise to be successful; however, they lack the unnecessary funding to scale. If you want a share of the industry without playing any role in operations, do plenty of research to ensure a sound investment and earn passive income through a hands-off monetary investment.
5. A Decrease in Crime and Increase in Police Resources
It’s no secret that the legal system spends an unfair amount of time penalizing recreational use of cannabis, especially since it is largely legal in much of the country. Since the legalization of cannabis in many states, it has been suggested that those states have seen a mass decrease in cannabis-related crime. Additionally, the suggested decrease in crime inevitably frees up police resources to focus on more substantial issues within society.
Keep in mind that while cannabis retail is legal in California and many other states, an unlicensed large-scale growing operation is still very much illegal without a license and/or without adherence to state regulations.
So there you have it. Legalizing weed across the US proves to be incredibly beneficial for both short and long term reasons. Whether you’re focused on the economic benefits and investment opportunities from a financial standpoint or you choose to hone in on the regulation laws and decrease in crime from a moral standpoint, the above 5 benefits of legalizing marijuana all prove to play a major role in the overall argument as to why legalization is never a bad thing.
With that being said, there are many personal benefits to legalizing marijuana. For example, you’re able to order premium weed delivered directly to your doorstep in 60 minutes or less. If that sounds good to you, then be sure to take full advantage of cannabis legalization by placing a weed delivery order on hyperwolf.com.