The Economic Impact of Legalizing Marijuana

What is a drug? A drug is a "chemical substance used to treat, cure, prevent or diagnose a disease, or to enhance physical or mental health" (Drug, n.d). Our people judged that marijuana is an illegal drug. Recently, in America, we began to change the rules. Several states believe that it is the UK for sale to the public for health reasons. As this happens, a lot of things have been improved. One of the main topics raised is the economic value that income produces and the impact it has on the state.

The economic impact of legalization of marijuana not only helps the government to save law enforcement costs but also to help with large income from market supply and demand and demand for legitimate new products, Including possibility. When emerging industries emerge in labor force there is a very needed job opportunity nationwide, initially stimulating the economy by creating 4,200 new jobs (Fottrell, 2012). As more products are produced and retailed, it will also help to increase gross domestic product (GDP).

Most experts believe that legalization of marijuana has a positive impact on the economy. See Colorado as an example: In 2015, legalization of marijuana brought over 18,000 new jobs and economic activity of 2.4 billion dollars. Part of growth comes from services and goods such as warehouse space and supplies. 66% of participants believe that legalization has a positive impact on the economy, and 18% think that it is possible. Only about 10% believe that legalized cannabis does not have a positive impact on the economy.

Colorado State University - Pueblo researchers have studied the extent of the influence of cannabis legalization on the regional economy. The economic impact of the marijuana industry in Pueblo County, Colorado, was estimated at about $ 58 million in 2016 and the economic cost of the industry was about $ 23 million. This means that in 2016, in only one county, the net economic activity of the marijuana industry was $ 35 million. They are predicting that the net amount in 2021 may reach 100 million dollars. In this survey we looked at several factors to determine economic impacts such as income, construction, use of marijuana, homelessness, crime, environmental impact etc. Sulpice County Director said that he considers this report a conservative estimate, he said he thinks that it actually has the possibility of overestimating costs and underestimating profits.