Legalizing weed in a country is very beneficial for the economy of that country. This is because cannabis is an essential compound for the human body, and some countries have made it legal because it is approved by doctors also. Because of the good sale of cannabis in the country, the government makes good revenues through it, plus it also grows the country’s economy due to some factors. The reason behind legalizing it is, doctors have found that our body has an endocannabinoid system that contains a compound similar to cannabis and that compound helps the receptors of our body to work efficiently.
Besides this, cannabis also helps to cure chronic diseases, and this is why it is used for medical and recreational purposes. The government itself sells cannabis to the people, but only with the consent of doctors as humans have to take it in a particular amount; otherwise, it will harm our body. The cannabis dispensary is another place for buying weed. Cannabis is available in different type of products, like oil, gel, gummies, edibles, etc. Talking about the economic benefits to the company, let’s throw some light on it.
- Opportunities for investment
Private organizations and companies get the opportunity to investments in weed. This is because, after legalizing cannabis in the country, the demand for weed increases, and government alone cannot handle the huge business of weed. The government also propose private companies take some percentage of handling the growth of weed in the form of tenders. But, the major part is in the hands of the government and the distribution and other things are also handled by the government itself.
- Introduction of new jobs and income sources
New jobs and income sources for the government as well as for the people open up because of legalization of weed. New job opportunities of jobs take place in the medical industry as the demand for weed increases and people starts to get aware more of the problem related to the efficiency of cannabis in the body. For this, the vacancies for new doctors and nurses open up, and they are being hired by the government centres. The distribution of the weed also took place in that sector; also, people are needed.
- Impact on tax revenue
Affects on tax revenue takes places as the revenue of the government increase because of the tax paid on the weed. Government impose a tax on cannabis as they impose on medicines. The revenue increases as doctors recommend wed to the patient and the consumption of wed increases which helps the government in making revenue from it.
To sum up, we conclude that legalizing weed is a good step by the government as it uplifts the economy of the country and is also helpful for people as they start consuming cannabis which is beneficial for their body. Some of the economic benefits of legalizing weed has been discussed above, which are Opportunities for investment, Introduction of new jobs and income sources and Impact on tax revenue.