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Pros And Cons Of The Legalization Of Marijuana

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One of today’s world hottest debate topics is the legalization of marijuana. In the United States of America, we have achieved the legalization of this plant in twenty-eight out of fifty states with recreational and medical uses included. The state of Colorado is one of these states with two years since its legalization, it has produced answers on why its legalization has generated huge amounts of income but has also increased fatalities and diminished health on teens and young adults making people wonder whether this was the right thing to do and how it will affect our society in the near future. How does the legalization of marijuana in the state of Colorado affect overall its economy and what are the pros and cons to this legalization …show more content…

Only federal government spending has a higher multiplier. Legal marijuana has created 18,005 full time jobs and $73,992,452 in total revenue since the year of 2014 (Denver Government and MJPolicyGroup); all this contributing to the state economy. The total revenue is divided into five different categories each contributing to the total amount. $7,198.856 of Medical Licensing Fees, $19,622,948 of Medical Sales Tax, $21,053,684 of Retail Base Sales Tax, $5,885,539 of Retail Licensing Fees, and $20,231,426 of Retail Special Sales Tax (Denver Government). Since the marijuana industry does not leave the state of Colorado , spending on marijuana creates more output and employment per dollar spent than 90 percent of Colorado industries. In 2015, marijuana was the second largest excise revenue source, with $121 million in combined sales and excise tax revenues. Its tax revenues tripled alcohols tax revenues and casinos did not even come close to it. Marijuana tax revenues will eclipse cigarette revenues by 2020, as cigarette sales continue to decline (MJPolicyGroup). In 2015, there were $996 million dollars total sales, $2.39 billion dollars economic impact, and as like I mentioned, 18,005 jobs created in the marijuana industry in Colorado. All the buy and sell revenue in the state of Colorado goes to the workers and its businesses creating more local

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