Saturday, 4 Dec 2021

Impact of Marijuana Legalization in Washington

The legalization of marijuana in Washington was a process. It took a long time before licenses could be issued to produce and sell marijuana and its products. Eventually, the use of cannabis was legalized in Washington, and of course, with some regulations. 

A licensed Recreational Dispensary in Bellingham, for instance, is only allowed to sell cannabis products to adults aged 21 and over. More so, the use of marijuana in public is not allowed, and people can carry a limited amount of marijuana. 

Apart from public pressure, the other motivator for the legalization of marijuana in Washington was its economic benefits. The legalization of marijuana was projected to come with the following economic benefits.

  1. Increased tax revenue

The production and sale of marijuana products have increased tremendously over the years since its legalization. Worth noting is that the production and sale of marijuana in Washington is taxed. The revenue raised from taxes is for sure contributing to the state’s budget. While it may be not so much at the moment compared to the overall budget, it is helping with projects that matter to the state.

Some of the marijuana state tax revenue goes to includes healthcare, enforcement, and research. Seeing its benefits, the state is considering eliminating some of the restrictions to pave the way for more income to support the government’s operations.

  1. Jobs and income

The number of license applications for marijuana stores and dispensaries was overwhelming when cannabis was legalized in Washington. This was a clear indicator of what the step made by the authorities would do to the job market. 

We are talking about thousands of people owning dispensaries, many people in the production of the products, and an opportunity for employees at the best dispensary that is in Bellingham, Washington. The economic impact of the legalization of cannabis is apparent and is top of the list for all states looking to legalize the product. 

As more restrictions continue to be lifted and more licenses are issued, the industry will grow, and jobs will be available to many. 

  1. Cost saving

As you are aware, most governments are spending a lot on marijuana enforcement. Billions of dollars are being spent across the globe, and these costs would drop significantly if cannabis was legalized.

The enforcement funds saved could then be channeled to projects that matter. For instance, healthcare, infrastructure, research, and even education. 

Conclusion

While it is yet to happen due to the slow adoption of marijuana production and sale, the legalization of marijuana could be a good investment opportunity. If things work out well, it could end up in the commodities market.

The economic impact of marijuana legalization should be considered, and restrictions that may be slowing things down should be removed. Already, Washington is enjoying tax revenues from the sale of marijuana. Many people have jobs now, and household income has, as a result increasing. 

Enforcement could also save more money, which can be used in other development projects. As much as there are fears of an increased crime rate, the economic benefits cannot be ignored.

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