The U.S. House of Representatives is preparing to vote into law a bill that will remove cannabis from the list of controlled substances.
It is an event that many people have waited for a long time. It will bring a lot of reforms and changes in the country’s drug policy.
The bill is known as MORE (Marijuana Opportunity Reinvestment and Expungement) Act of 2019. The United States House Judiciary Committee approved the bill in November 2019.
If the bill is passed into law, the economic opportunities that will open up in the country will be unlimited.
As the bill is named, legalizing marijuana will present many opportunities for people all over the United States including business opportunities, tax revenue from cannabis will boost government income, and charges against people with marijuana-related cases will receive official pardon.
Here we will take a look at why the U.S. House of Representatives will remove cannabis from the list of controlled substances.
No matter which statistics you look at, the economic benefits of cannabis legalization are stunning. Although there have been problems associated with vaping in the United States, the cannabis industry was on its feet within no time.
The marijuana industry has a promising financial future. Some economic benefits include:
Highly Lucrative Business Opportunities
There are many cannabis companies out there which started as small companies and now they are multimillion-dollar companies. To give you a clear picture, by 2022, the CBD industry will be worth about $1.8 billion.
Hemp and CBD products consumption rates have increased by more than 50% between 2017 and 2018.
The market for CBD edibles is expanding at a very high rate. You do not even need to trade in cannabis or CBD products to earn a lot of money.
Companies such as Scotts Miracle-Gro Company made more than $2.5 billion through sale of equipment growers need to cultivate cannabis plants.
Increment in Rates of Employment
The CBD industry has played a big role in generating thousands of jobs all over the country. As of now, there are 11 states which have legalized marijuana. The people who work in the CBD industry in those states can attest to the importance of legalizing cannabis.
Such jobs include cultivators, bud trimmers, budtenders, advocates, and consultants among others. The cannabis industry is one of the fastest-growing industries and it is also one of the industries that is creating jobs at a very high rate. In 2017 alone, the industry employed more than 250,000 people.
It is also worth noting that on average when working in the cannabis industry, your salary will be at least 11% higher compared to the average salary of people working in other sectors of the economy.
High Tax Revenue
If you take a look at Colorado tax revenue, then you will realize the importance of legalizing marijuana. Since the state legalized marijuana, it has collected more than $1billion in taxes.
Cannabis taxes are normally 10% to 37% compared to normal taxes. The money collected from the cannabis industry can be used in other areas such as medical research, and building schools and hospitals.
Cannabis has many health benefits. Many people who have used marijuana for medical reasons can attest to its importance on the human body.
Most deadly diseases have low survival rates. However, cannabis is known to increase the chances of survival among people who are suffering from such diseases.
One of the main reasons why cannabis helps in increasing chances of survival is by reducing the pain and suffering such people go through during treatment.
For instance, patients undergoing cancer treatment ensure a lot of pain. They also suffer from other problems such as insomnia. Cannabis helps patients sleep better and also relieves pain which is a good thing for the patients’ psychological welfare.
Another cannabis medical benefit is improving our immune system. Compounds found in cannabis help in improving our immune system through our endocannabinoid system.
A study done in Canada showed that CBD also has anti-inflammatory properties. That is why scientists are looking at how it can help COVID-19 patients with inflamed lungs.
In all the states where cannabis is legal, the states have the choice of deciding how the revenue from cannabis will be used.
Prohibition Funds are Spared
After marijuana is legalized, all the debates between legalizing or banning marijuana will come to an end. Studies show that the states spend at least $6 billion prohibiting marijuana.
If the U.S. House passes the bill, the funds spent on prohibition will be diverted to other uses.
Many people argue that legalizing marijuana will lead to an increase in crime, but that is not true. People being able to buy marijuana legally will help reduce some forms of crime.
Also, since cannabis will become legal, the middlemen will be eliminated and thus eliminating violence between drug gangs fighting over the areas they control.
The benefits of legalizing marijuana are immense. Among the many benefits is the cannabis medical benefits which help patients stay alive and comfortable.
There are also many other benefits of legalizing marijuana including better education, lucrative business opportunities, good healthcare, safe neighborhoods, and better jobs among others.
Most of the Democrats in the U.S. are aware of all the benefits associated with cannabis and that is why they will remove cannabis from the list of controlled substances.