Legalizing marijuana – expected economic impacts on the nation

It has been more than fifty years that the war on drugs has now been continuing. Legalizing marijuana can have a lot of impacts on the economy of the United States of America. Of all, it will surely help the nation to save and earn up a lot of money. Below mentioned are the top five ways by which the full legalization of marijuana under the federal laws would be affecting the nation.

1.      Revenue for the state and federal government

Legalized cannabis is sure to bring in a lot of funds in favor of the state government as well as the federal authorities through the approaches of tax and regulations. Studies in 2017 came up with a fact that the immediate results of legalizing marijuana under the federal laws would fetch in over $130 billion in the form of tax revenue alone in less than 9 years. It includes sales tax in the retail market, deductions of payroll taxes and tax revenues for the business.

2.      Job opportunities

The biggest impact of the legalization of marijuana news can be stated as the boom in the job opportunities. When considered a steady growth of the industry up till 2025, the industry can produce over 1.1 million jobs in total. The opportunities include scopes in farms, retailers, distributors, and processors. Entrepreneurship is also an option that should not be removed from consideration at all. Basically, it includes any part of the supply chain involved in the cannabis business.

3.      Long-term investments

Anyone who is planning to earn long-term profits is sure to keep their ears open for marijuana news online. Investors can find a way to retire without any a headache and can place their bets on the growth of this industry without any risk. This industry is sure to expand and any investment is sure to expand. It will also bring in the added fund for the government from the investment capitals for immediate projects. But the ban by the federal laws is currently preventing the investors from taking the big step.

4.      Reduction of the costs of enforcing the law

Legalizing marijuana will bring in the most promising reductions in expenditure costs of the government and they can save billions of dollars from the process. Market research came out with the fact that an approximate amount of $4 billion is expended on an annual basis to maintain the enforcement laws against cannabis. Once the legalization of marijuana news online strikes the air, no one can prevent these costs from dropping down. It will also reduce the count of cases pending on trial in the courtroom. This will, in turn, reduce the count of incarcerations and further help to save some extra money.

5.      Reduction of the prices in long-term

The black market has ruled the market for quite some time and led to a significant rise in the prices. Legalizing cannabis under the federal laws will work to make it a commodity and dried cannabis will come into the market for long runs. Prices are sure to drop.