Cannabis is a kind of flowering plant which is commonly known as Marijuana. It is a high-value product which is so far an illegal drug in the eyes of the law in some states. Although its consumption is banned in some parts of the nation, some people still consume it in some way or the other. Thus legalizing this high-value product will result in the generation of revenue of billions of dollars. It is estimated that around $113 billion dollar worth of Cannabis is traded annually through the black market in America, which is a huge sum of money. Legalizing Cannabis would mean a whopping sum of about $45 billion dollars of taxes flowing into the economy, which would certainly be a useful boost for the bullish economy. Also, the sale of Cannabis by-products would contribute to increased revenue. Thus, it is evident that legalization of Cannabis could go a long way in reviving the economy to some extent.
Apart from these, the war of the U.S. Government on drugs including Cannabis (Marijuana) is in fact very costly for the economy. An estimated $1 trillion dollars is spent on the law enforcement procedures such as investigating Cannabis growers, traders, dealers etc. This huge expenditure can be done away with almost immediately if Cannabis consumption is legalized.
Other than that, the prison expenditure is also worth considering. Around 25% people in the prison are due to offense related to drugs including Cannabis. The prison related expenses incurred due to Cannabis related arrests could be cut down once Cannabis is legalized. This would indirectly lead to a positive impact on the economy.
Although there are certain ethical issues related to the legalization of Cannabis, but with the ever increasing research regarding the positive aspects of Cannabis such as alleviating pain and other bodily disorders, the authorities could certainly give a proper thought to this matter. The combinations of these factors along with the benefits it would reap for the struggling American economy, the legalization of Cannabis seems to be a step in the right direction.
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