News, Politics

Could the Cannabis Industry Bring America’s Economy Back?

July 13, 2020 01:39 pm ET Estimated Read Time: 4 Minutes
Could the Cannabis Industry Bring America’s Economy Back?

Ending cannabis prohibition could be essential in helping the economy to recover. America is amid a financial crisis with the economy in one of the worst shapes it’s been in. The COVID-19 pandemic reshaped the world. Many people lost their jobs and unemployment has skyrocketed in the US as well as other places. The economic downfall of this pandemic only added to the current US deficit that stands at around $744 billion and is predicted to hit about $4 trillion this year, according to Forbes.  Prohibition has been proven to hurt the economy. Ending cannabis prohibition would be a win-win for everyone except those who currently profit from it. 

Ending Prohibition Helped Once and It Could Help The Economy Again

In 1929 the stock market crash and was followed by the Dust Bowl of the 1930s. This led to the Great Depression. During a time like this, taking away alcohol was what the US government thought they should do. This failed. The end of alcohol prohibition, however, helped the US to recover economically. In much the same way that the end of alcohol prohibition helped the US during a time of financial crisis, ending decades-old draconian cannabis prohibition could stand to do the same in current times. We already know that cannabis prohibition is built on a racist past and should be abolished. It has been proven to have medical value, and the majority of the myths about cannabis have been debunked. It is time to legalize and effectively study this widely misunderstood plant.

Medical Aspects Aren’t the Only Benefit This Plant Offers

The potential of breakthroughs in the field of health is endless when it comes to cannabinoid therapies. Beyond the immense medical potential, this plant holds, there’s also an impressive economic growth it could stand to cultivate as well. The legal cannabis industry is big business. If the US were to end cannabis prohibition, the sales and distribution of this plant could be expanded to include import and export opportunities. By opening up the doors for cannabis to cross state lines legally, an entirely new financial sector would be opened as well. Different groups have different opinions on the financial value of the cannabis sector. It seems it would be very difficult to come up with an effective number that demonstrates the capacity legal cannabis has to affect the current economy. 

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Job Creation and Economic Growth is Undeniable

One would have to not only factor in how much money the legal cannabis industry is bringing in but also how much it is generating. When states legalized cannabis, they do not only see an increase in revenue from cannabis tax dollars. They also see increases in revenue at local businesses. By increasing the flow of traffic to these businesses via tourism and local residents, these small businesses have a better chance at financial stability and often improve their revenue. 

There are currently more budtenders than there are bakers in the United States. Cannabis dispensaries generate jobs. You have people that sell the product, grow the product, package the product, and so on. Countless ancillary services are employed by the cannabis industry as well. Labeling companies, packaging companies, logistics companies, legal companies, financial companies, marketing agencies, and more find clients coming from the cannabis sector.

Cannabis businesses also employ accountants, engineers, electricians, plumbers, and all kinds of other professionals. The ripple effect of cannabis legalization could help set the foundation for economic recovery in the United States. Along with many other important issues this presidential election, you can rest assured that cannabis legalization on a nationwide level across the US will be heavy on the platform of anyone running for office. 

Simple math shows the potential cannabis holds for helping the economy to recover. A quick search of the facts about cannabis will show the lies of reefer madness and marijuana prohibition. Perhaps it’s time to stop living in the past, supporting a bad decision and start living and working towards a greener tomorrow by supporting nationwide cannabis legalization.

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