It is hardly a secret that the federal government is in massive debt, along with many states. A recent study showed that the legalization of recreational cannabis could potentially net a $131.8 billion profit from taxation from the sale of marijuana, employee wage deductions, and each business from 2017 to 2025. The numbers are astounding and the implied benefits are huge.
There are currently eight states that have recreational marijuana legalized and 29 with medical marijuana available legally. It is clear that the majority of the U.S. support the marijuana industry in one way or another. Colorado, Oregon, and Washington have contributed $1.3 in taxes just from the legal marijuana industry. These local economies are thriving and the jails are not full of inmates arrested for petty cannabis charges, which also saves the state governments money. Imagine if in all 50 states marijuana were legalized how quickly the federal government and struggling state budgets could get the relief they so desperately need.
There is another huge benefit to making the sale of marijuana legal, the creation of up to 1.1 million jobs from now until 2025. The government could see the unemployment rates significantly drop as there would be more jobs available across the country for adults in the farming, transportation, distribution, and retail industries. Furthermore, there would be more economic growth in all of the states as joblessness declines and having marijuana no longer be a punishable crime taking up the valuable time of law enforcement officers.
The complete legalization of marijuana in the United States would offer substantial tax revenue for the federal government that could be used to support or expand current programs, reduce the national debt, and creates more opportunities thanks to additional funding. Another boom would be the creation of over 1 million U.S. jobs in less than a decade. The benefits of legal marijuana are many, it is up to the federal government to take the step to begin positive change for America.