Cannabis demands to be taken seriously, particularly by politicians. The legal framework of the marijuana industry is still under development. Cannabis is currently the nation’s fastest-growing business. The legal marijuana industry was responsible for $2.4 billion income in the last 12 months. That amount represents a rise of 74 percent over one year, It is further calculated that the overall legal industry might be worth $11 billion by 2019.
The promise of increased tax revenue has been a huge incentive to local authorities during the process of legalization. But there are also many diverse economic benefits from decriminalization, including an opening up of new jobs to deal with the requirements of this new sector. Keeping marijuana either regulated or in the black market ignored any profits from its sale, including the people working to bring in those profits, as it all stayed off the radar. By legalizing marijuana, it has become possible to view more exactly who is working within the industry and how much is being earned.
An impediment for the marijuana industry could be labeled “normalization.” The permitted use of recreational marijuana is now a daily event in four states. When the national Prohibition of alcohol was removed, the laws on alcohol were changed state by state (and sometimes county by county). The country was left with a mishmash of laws and it was not until 1966, in the state of Mississippi, before the last prohibition law was repealed.
Colorado was the first state to officially permit the legal retail sale of marijuana. In January of last year, everyone and especially the federal government, observed attentively as business owners, growers, and consumers were freed from the black market and the medical dispensaries in the welcome move towards this new state of play. A year previously, it was thought that Colorado would become a lawless state, however, this has proven to be far from reality and things move smoothly along.
Problems with the Legal Framework
Marijuana legislation is something that’s brand new to everyone and that includes lawmakers. The reality of the matter is, the procedure for legalizing marijuana is unprecedented. Try and think of a similar instance in which a material or substance that was considered dangerous for some time and has been demonized and then suddenly floods the open market. It’s challenging to come up with one. With that in mind, lawmakers will make mistakes along with legislation itself, whether it be in Colorado, Washington, Oregon, or elsewhere, it remains at present work in progress. There’s a lot of room for mistake, from tax rates to business licensing. Legislators have a lot on their plates, but then again, this is the reason why the states in many cases are described as ‘laboratories of democracy’. So, what problems are we specifically seeing? They mostly relate to taxation and supply, as the markets are brand new.
People will soon be leading and the leaders will need to follow.