Ever since the historical decision of marijuana legalization in California, many theories have been speculated related to its adverse effects on the economy. However, much of these speculations have been based on no hard evidence. Research shows otherwise, that is, the step of marijuana legalization has the ability to dispense a number of benefits to the economy. Ever since the legalization of marijuana, a number of seed banks in California have been established giving a boost to the current trade of marijuana. As the sale and purchase of marijuana soars, one can develop an easy connection between marijuana legalization and economic development. Here are a few points to support this notion:
Creation of revenue
As this step of legalization has increased the trade of marijuana, it has also led to the generation of a large amount of revenue for the government. One of the prime reasons for this is the tax collection on the sale and purchase of marijuana, which would directly lead to the increase in treasury of the government.
Improving the efficiency of the government
At the time when marijuana was deemed to be illegal, the government used to spend large amounts on law enforcement for the prevention of sale, purchase and consumption of marijuana. But since its legalization, the government can now save huge amounts of funds, and redirect it towards the development and welfare of the community.
Being in its embryonic stage, the marijuana industry has tons of potential with much of its economic benefits still to be by the government, hence elucidating the notion that marijuana legalization is directly related to the development of the economy.
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