Economic Costs and Benefits of Marijuana Legalization in Colorado Essay Example

different associations and departments as well as investigating areas that have as of now legalized marijuana, for example, the Netherlands, I could decide around how the economy would be influenced on a few different issues. Some figure that would be affected includes taxation rates and potential government revenue, the demand for marijuana, incarceration and enforcement costs, employment, and social issues such as rehabilitation programs. According to research conducted by National Institute of Drug Abuse, the Colorado government would encounter an expansion of $25,963,686,520 towards their financial plan.

In many States, Cannabis is illicit due to the belief that being an unsafe medication, when it's consumed for some medicinal purposes (Blake 360). The legalization of cannabis in Colorado has been an incredible advantage since it takes money off the hands of its traffickers and makes less marijuana-related wrongdoing, and with most states intensely paying off debtors. Cannabis would bring billions of assets income every year into the economy that could be used towards propelling social amenities and controlling state shortfall. There will be open market competition and lower costs so it can remove the drug cartels from the business. Also by taking offenders who were bolted in jail because of cannabis possession, this makes renewed opportunities for many lives.

The legalization of cannabis is asserted to bring enough money and time for the cops for them should pursue the hoodlums (Caulkins 1041). It's clear now that the authorization of cannabis has affected Colorado's economy in a positive way including low cannabis related crime and even human health. The Government of Colorado would be exchanging income from organized crimes to general public pursue. Legalization of cannabis would bring millions

of tax income yearly into the Colorado‘s economy. The tax income could go towards the development of social administrations, reduce state shortage and in some instances make surplus income for the nation. Albeit because of the cannabis authorization many people are grumbling about the state being overpopulated, and the typical cost for basic items are soaring, which makes it hard on a few; who can't keep up with Colorado fast growing economy and populace. In any case, the more money made from the cannabis, the more we tax it then it will make Colorado one of the rich states; likewise, it will convey additional money to fabricate new schools and new employments.

The tourism leading body of Colorado spent somewhat more than $5.4 million on its "Come to Life" promotion crusade this summer season to attract tourist to the state albeit no mention of marijuana was made in its print, TV, billboards, advanced advertisements and digital ads. The promotion crusade is approximated to have created 2.9 million relaxation trips, with a positive economic effect of $3.1 billion for the state (Caulkins 1041). The more telling statistics is that for every dollar spent on get-away leisure advancement in 2015, $495 was generated, contrasted with just $345 per dollar in 2014.

Is it true to say that all are these additional tourism dollars being created just from pot deals? As per the study, that is improbable, as just 9% of respondents said they went to a legal marijuana shop in Colorado amid their excursion. A 2015 study demonstrated an indistinguishable 9% was going to cannabis shops (Caulkins 1042). What's outstanding is that in 2016 study, only 30% of the

previously stated 9% who went to a cannabis shop referred cannabis as their essential purpose behind making a beeline for Colorado. In 2015, 86% of the 9% who went by a dispensary referred legitimate cannabis as the main thrust behind their excursion. This means, in any event, a portion of the enhanced economic effect being seen in Colorado is the consequence of legalized marijuana.

In conclusion, legalization of marijuana would have a positive impact on the economy of Colorado through taxation, creation of employment for youth, change of money ownership from drug cartels, and attraction of tourists. It will significantly reduce the cost used by police officers in pursuing criminals and reduce legal cost incurred while trying those found in possession of marijuana.

Work Cited

1. Blake, David, and Jack Finlaw. "Marijuana Legalization in Colorado: Learned Lessons." Harv. L. & Pol'y Rev. 8 (2014): 359.
2. Caulkins, Jonathan P., et al. "High tax states: options for gleaning revenue from legal cannabis." Or. L. Rev. 91 (2012): 1041.