Legal Marijuana Is A Boon To The Economy, Finds Study Essay

PUEBLO, CO — September 3, 2016: Jason, a Colorado native and an employee at Los Sueños Farms LLC, places staves directly into growing cannabis flowers. Los Sueños Farms has 36 acres of rich farmland in Pueblo County, Colorado, which it leases to four Colorado licensed retail marijuana cultivators. (picture by Vince Chandler / The Denver Post)

Researchers found that legalizing marijuana had a positive affect the economy of Pueblo County, Colo. In a landmark report out of the Colorado State University-Pueblo's Institute of Cannabis analysis, researchers unearthed that a taxed and managed cannabis industry contributed significantly more than $58 million towards the neighborhood economy, reports The Denver Post.

While there was clearly about $23 million in added expenses to legalization – including police force and social services – the county still wound up with a net good effect of more than $35 million.

The study it self was funded by state and local cannabis fees, reported CPR. «in comparison with other similar communities in states in which cannabis is not appropriate in almost any form, Pueblo is apparently doing better on many measures,» browse the report.

The study's authors described a number of the harms connected with legalization, including an increase in unlawful marijuana grow operations and confusion among police officers wanting to keep up with ever-changing cooking pot laws. But the report is notable in dispelling a few of the harms which can be frequently attributed to legalization: The researchers found no proof that legal cannabis contributed to increased homelessness or increased youth use of marijuana.

Pueblo has made headlines for the scholarships that are funded by an area marijuana excise tax. This past year, the county committed $420,000 to scholarships for 210 students. In 2010, the county is defined to triple how many scholarships it gives as income tax collections are expected to top $750,000, reports KOAA.

Legalizing cannabis on the federal level could result in yet another $105.6 billion between 2017 and 2025, in accordance with a new report through the cannabis analytics firm brand new Frontier. That figure includes projections for business income tax revenues, payroll withholdings, and a 15% sales income tax. At the same time, fully legalizing cannabis today would add 654,000 jobs or more to at least one million jobs by 2025.

It's clear that marijuana legalization is a boon to neighborhood economies with robust regulatory regimes in place. Contrary to fears that retail marijuana outlets may have a bad influence on home values, a report on Colorado municipalities found that legalization really generated a 6% increase in housing values.

But lawmakers should really be cautious about legalizing cannabis entirely the possible economic benefits. Colorado's very first «marijuana czar» Andrew Freedman, whom now consults for governments on legalization things, has repeatedly warned against legalization for the intended purpose of producing tax revenue.

As he told me in a meeting in 2016: «At the end regarding the time, the debate shouldn’t be about tax income. 'Should we secure less individuals for marijuana?' vs. 'Is this going to produce more of a weight on general public security?'—that’s in which the debate must certanly be.»

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