The Economic Benefits of Legalizing Marijuana Essay

1052 Words Nov 3rd, 2011 5 Pages
The Economic Benefits of Legalizing Marijuana In 2007, the American economy took a downturn known as the recession. People began looking for a quick fix to our nation’s economic problems and one fix may be right in front of us, with the legalization of marijuana. The debate about legalizing marijuana has been going on for the last decade with no end in sight. Politicians, economists, and everyday people cannot come to an agreement over this growing issue. Today economists still converse over how marijuana can benefit our nations failing economy as it has in the past. The problem of our struggling economy is not one that can be easily fixed but legalizing marijuana can be a huge step towards fixing it. The main reason marijuana …show more content…
Time magazine economics experts state that a ten percent tax on marijuana would generate 1.4 billion dollars in California alone (Klein N.P). Not only can marijuana aid the economy by being taxed, it could also create jobs across the country. Medical marijuana has created 1,400 new jobs since its legalization. Medical marijuana is already a huge business and it is only legal in 13 states. If marijuana was legal in every state it could create thousands more jobs across the nation. It has been predicted that marijuana could create 60,000 to 100,000 jobs (Gieringer N.P). If marijuana is legalized, organizations such as the FBI and DEA will need fewer jobs because of the reduction of drug-related crimes. However, the legalization of marijuana will create more jobs than it would lose. One way it could create these jobs is by reintroducing a hemp industry. It is estimated that a hemp industry could bring in six to ten billion dollars a year (Gieringer N.P). With hemp becoming a new and much needed crop it would soon rival crops such as cotton and soybeans in terms of profit (Gieringer N.P). This would create a competition between the crops causing an even greater increase in profits. If you look at other countries that have legalized marijuana you would see that their economies are booming. The Netherlands profits 500 million dollars per year off marijuana and they are only about twice the size of New Jersey

Related Documents