The state of Florida calls it a Schedule I controlled substance. My dad calls it “grass.” You probably call it weed, unless you’re talking to your mom and in that case, it’s “the marijuana” and you’ve never even seen it in real life before.
Call it what you want, but marijuana has more to offer the U.S. besides a nice buzz. The idea of legalization has been a dream of hippies and Snoop Dogg-enthusiasts for a while, but only recently has the debate taken center stage in state and national politics.
On the ballot in Florida this fall, it’s Amendment 2, a provision that would change the Florida state constitution to allow medical marijuana to be sold legally. Voters will decide on the ballot come Nov. 4 and their collective decision-making has various consequences, some of which have been downplayed by the media and talking heads in general.
Via: Let Go and Flow
The physical benefits of legalizing the drug for medical use are frequently cited. Evidence suggests it provides relief for pain, nausea, seizures, anxiety, Alzheimer’s disease, multiple sclerosis, muscle spasms, hepatitis C, inflammatory bowel disease, arthritis, Lupus and Parkinson’s Disease, just to name a few. However, the economic implications are rarely discussed.
It’s safe to say that nothing is more quintessentially American than profiting from something that people will do regardless of its legality. Some states are jumping to capitalize on this budding industry. According to the New York Times, Colorado raked in $5 million in sales taxes from medical marijuana businesses alone in 2011. The Colorado State Budget Committee predicts revenue of about $610 million from retail and medical marijuana from Jan. 1 of this year to June 30, 2015. These projections are promising for Colorado, even without including the inevitable economic stimulus that would result from the creation of thousands of new jobs because of the burgeoning marijuana industry.
Via: Just Plain Politics
Regardless of whether you smoke, the potential benefits of legalization are far from hazy. A new report from Greenwave Advisors found that the marijuana industry could be worth $35 billion dollars by 2020, assuming all states and the federal government legalized the drug and taxed it similarly to alcohol and tobacco. The report goes on to assert that even if the federal government didn’t weigh in, the industry could still be worth $21 billion in 2020, which is the equivalent of 21,000 private Beyoncé concerts. That’s a lot of “XO” by anyone’s standards.
With a current annual federal deficit of $506 billion, legalizing marijuana makes a pretty compelling argument. The numbers become even more convincing when you consider the fact that, according to Forbes, enforcing marijuana prohibition costs U.S. taxpayers $41.8 billion annually. Add in the $1 billion dollars that taxpayers spend every year on inmates incarcerated as a result of marijuana-related charges, and it’s pretty hard to justify such a high cost.
Via: Wikipedia
To put it plainly, we should be using our monetary and criminal justice resources for something besides arresting a cancer patient seeking relief from incessant pain or a teenager getting high before a particularly heated World of Warcraft session. While legalizing medical marijuana in Florida is a small step on the path to allowing the drug for recreational use, the long-term economic benefits make voting yes on Amendment 2 a no-brainer. Make sure to vote and make your voice heard at the polls next Tuesday.
Feature photo courtesy of: Huffington Post
