The cannabis industry is evolving across the globe. Every day new states share news about cannabis legalization, and new users share their experience of using cannabis to benefit their health. But, unregulated markets and changing policies are leaving people baffled about the legal status of cannabis. The decision about legalization came after decades of debate about what could be the impact of such a step on the society as well as the environment. Cannabis legalization could seem like a complete negative step from the top. But there are various benefits to the people that could come from this step which needs to be the focus for legal bodies. Here are some of the benefits that could come out of daring this step.
Source: The Denver Channel
- It can create more job and investment opportunities for all: Marijuana legalization will start further steps from private bodies, as well as the government to set up shops, nurseries, and dispensaries to sell cannabis and related products. States like Nevada and California, which legalized Marijuana recently have seen a rapid boom in this industry. This sector can open up new job opportunities for more people, as well as impact the economy. It can induce a lot of jobs in the market and increase the total labor income. From farm to produce, the various processes will open a new arena of opportunities in this sector.
Like jobs, legalization also opens the scope for investment opportunities in the sector. From nurseries to full finished cannabis-derived products, everything is a potential market for new investment opportunities. Cannabis companies could start trading on public stocks, and more investors will be willing to inject money into this upcoming area. It will also show a potential for high growth rates, and more investors keen to explore this market will place their bets.
- Regulations will help coup with the black market: The Black market has been home for marijuana for decades. A lot of organized crime has revolved around this substance for a long time now. Drug dealers involved in illegal activities were the only source of obtaining this plant. Gang-related violence was every common among such groups who could have links to terrorist organizations. Marijuana could finally see the light of day after living under the shadows and involvement in serial crime rings. Cannabis legalization means there are proper stores to obtain good quality seeds and buds for use. This reduces the need for the involvement of law enforcement agencies towards controlling these substances in society. Legalizing these businesses will help abolish black market cannabis and can benefit public safety.
- Increase tax revenues in legalized areas: Cannabis stands among the top agricultural produce that has the market all over the world. And with medical marijuana making its way into mainstream lives, the market for the same will expand further. Legalized and regulated marijuana could bring in a large amount of tax money that can be utilized by the government. The tax revenue collected on legalized marijuana alone in few states goes as high as 200 million dollars. The market opportunity and availability of marijuana are increasing with more states joining the legalization pool. This has reflected on the steady increase in tax revenues in these areas. Regulations and taxation of marijuana and marijuana products could become a primary source of tax money for governments across the world. This money could come directly from the sale of cannabis and its products as well as from farming and cultivation of hemp and cannabis. Also, governments can save millions spent on federal enforcement and instead use the sector to get revenue.
- Increase associability of medical marijuana for treatment: For decades marijuana has held the drug label which restricted access to scientists across the world to explore this substance. But with the legalization wave, studies are happening at every corner of the world to know the true benefits of this plant to humankind. Cannabis has particularly been of huge interest to the medical industry. Currently, cannabis has been used by patients to cure chronic pain associated with arthritis, multiple sclerosis, migraines, seizures, inflammation, anxiety, depression, PTSD, to control nausea, vomiting, and loss of appetite which are side effects of chemotherapy, psoriasis, muscle cramps, blood sugar. Medical cannabis products will become a rage with more clinical trials to prove its efficiency. Cannabis Legalization will improve access to more people across the world who would like to explore an alternative treatment for various ailments. Dispensaries and stores selling authorized and regulated cannabis products can help take the benefits of this miracle plant to more people.
Source: The New York Times
- Can bring high-quality cannabis into the market: The first steps towards legalization of cannabis were due to the medicinal benefits this plant could bring to users. This gives more reasons to emphasize on the quality. Various strains of marijuana, the cannabidiols including THC and CBD, terpenes derived from the plant are under the microscope to understand their contribution to the human body and the kind of effects we can expect from them.
Using high-quality strains will improve the safety of cannabis-based medication in users. It can help eliminate possibilities of side effects due to adulteration with chemicals, which could be serious in some cases. High-quality cannabis can be a good choice for treating mental ailments such as anxiety and depression, without causing serious side effects.
- Helps government establish regulations on cannabis cultivation: The rising demand for marijuana indicates more establishments for cannabis cultivation. While the laws around the cultivation are still confusing, legalization will introduce regulations to this sector. Marijuana farming could go corporate soon after this step. With federal approval required for cannabis sales, organic certification will also be on the cards for cannabis. Also, similar to wine, labeling and certifying special varieties from particular areas, can ensure others do not take advantage of the reputation of these products by selling false certified ones. In the days to come, one can expect more innovation in marijuana farming to reduce practices that harm the soil or environment.
Weighing the pros and cons of legalizing marijuana triggers more debate over the type of effects to expect from this step. Many refer to the law enforcement problems that could arise following such steps and how this could increase drug abuse among youths. Yet, states are taking slow and steady steps to check cannabis as a controlled substance to ensure that the potential benefits of the plants are leveraged for good health and wellness.
Written by: Tammy S