User:Jacksonfarr1/Effects of legalized cannabis

Article body
The legalization of marijuana has also created a decrease in the risk perception of the drug among adolescents. Because the drug is legalized, the perceived risks of using that drug go down. This can be detrimental especially factoring in that the negative effects of marijuana are heightened during adolescent use. This effect can be seen in adults as well, and with legalization, the normalization of marijuana will become further ingrained in American culture.

Looking back to 2019, the US gained a total of 1.7 billion dollars in tax revenue due to the legalization of marijuana. In 2021, that number more than doubled to 3.7 billion dollars. The increase in tax revenue being a driving factor in the legalization of marijuana is similar to the effects of the repeal of prohibition. After prohibition was abolished, the percentage of federal government revenue coming from alcohol increased about 7% in the US. This additional stream of revenue was especially important during a time of recession, similar to the economic landscape we see today. With the legalization of marijuana, the government is looking to capitalize on these same benefits.

Not only will the US see an increase in tax dollars, but also a reduction in resources spent on arresting people for marijuana related crimes. The government is projected to save around 7.7 billion dollars a year by not enforcing laws concerning marijuana. A study by Jon Gettman found that out of the $193 billion annual budget for criminal justice, $10.7 Billion could be saved every year. Not to mention, the unquantified time and energy that can be diverted into other areas of interest.

The legalization of marijuana also creates many new job opportunities for Americans. The current industry supports nearly 430,000 full-time jobs, however it is projected that that number could rise to over 1.75 million jobs in the near future. With over 100,000 jobs created in 2021, there is about a 33% increase from the previous year. To put that into perspective, there is only a projected 8% increase in jobs in the business and financial sector.

If marijuana becomes legal on the federal level, that would also open up investment opportunities for Americans and people around the world as more companies will be listed on US stock exchanges. This not only allows for more investment opportunities, but in turn raises capital for those companies listed on the exchanges, furthering the growth of the industry. This is important as a growing industry is a common target for savvy investors.