| The economic potential of legalizing marijuana is substantial. The amount of tax revenue that can be generated and invested back into our country is enormous. Here is an example of this happening in Colorado, both videos discuss the large amount of money generated by the state through marijuana taxation, and all of the help it is having towards that state. Marijuana legalization has vast potential for communities across the country, imagine the advances that could be made in the education system as well as infrastructure across the country. The tax revenue made from the legalization of marijuana could also be a huge help in supporting and rebuilding impoverished areas. The possibilities are vast. Here is an article that discusses the potential economic impact in the United States if it was legalized by all states. http://www.huffingtonpost.com/2014/09/22/legal-marijuana-taxes_n_5863860.html Essentially in this article, they stipulate that marijuana legalization could potentially bring in over 3 billion dollars through taxes alone. They also conclude that the country would save around 8 billion dollars a year in law enforcement and incarceration expenses. The article finishes by stating that "recent studies have projected that the U.S. marijuana industry may reach $8 billion to $10 billion in sales by 2018." Add on top of that the savings in law enforcement and incarceration expenses throughout the United States, and you get a lot of extra money to spend and invest in the country. From an economists standpoint (me being an economics student) this is a no-brainer. This is just in direct terms too, there is no telling what sort of multiplier effect this would have on the rest of the economy. More construction and trades jobs to help set up these shops, potentially more incorporated companies for people to invest in and grow the finance sector, or even the 18 year old kids out there who need part time jobs to save up for school, again this from an economics standpoint has great potential to improve the lives of everyone living in North America. |