How the Cannabis Industry Could Help Boost the U.S. Economy
As we entered into the 2020 year, things were looking up for marijuana stocks. We had ended 2019 on some less than stellar trading, but investors remained hopeful. January was quite good for pot stocks, but very quickly the coronavirus became extremely serious. As the virus attacked the world, pot stocks were ravaged alongside the rest of the stock market. And just like that, pot stocks had shot down by quite a lot. Then came the middle of March. Things began to look like they were stabilizing in the cannabis industry, and prices shot up. Since that time, a large portion of marijuana stocks to watch, have gone up by quite a lot in value.
In the U.S. and around the world, the economy has been tormented by this awful illness. And while there are no quick solutions to making it go away, there are some ways that the economy could see a boost. Some analysts believe that if the U.S. were to legalize cannabis it would be a major step for the economy. This makes all too much sense as legal marijuana brings in a lot of tax revenue. And, as a large number of businesses have had to shut down, the cannabis industry has been booming. With that in mind, lets take a closer look at how weed could save our economy.
The Obvious Benefits of The Cannabis Industry
The U.S. has seen a lot of positive momentum as a result of states legalizing cannabis. In the country, several major pot stocks such as Aphria Inc. (APHA Stock Report) and Cronos Group Inc. (CRON Stock Report) are listed on big domestic exchanges. Because of this, it’s clear that the economy has benefitted from legal cannabis. But, federally, marijuana still remains an illegal, Schedule 1 narcotic. If cannabis were to be legalized, it would inject a lot of extra revenue into the federal government. One analyst stated that the U.S. could gain revenue of as much as $52 billion if marijuana were to be legalized.
Now, regardless of if that number is above what would happen, there’s undoubtedly a lot of revenue to be gained. And, with our economy struggling immensely right now, revenue could be the key to getting out of a potential recession. Now, no one is saying that marijuana stocks and the cannabis industry will save our economy, but there’s no reason we shouldn’t give it a shot. Regardless of partisan issues, marijuana is clearly a crucial part of our country at this point.
The Untold Benefits Of The Cannabis Industry Being Legalized
Aside from the obvious benefits of tax revenue, the country would see a lot of positive changes as well. Right now, the U.S. spends as much as $40 billion per year fighting marijuana-related criminal issues. That is quite a lot of money and represents a substantial part of our police budget. If that were to go away, there’s no telling what that money could go toward. In addition, legalizing cannabis would help to save the thousands who have been incarcerated on non-violent marijuana-related offenses.
The social implications of legal cannabis are enough to make lawmakers think twice about making it happen. But, it seems as though the partisanship of our current government may halt changes from occurring quickly. As we move toward the future, the next stages of the cannabis industry and our economy remain deeply intertwined. For that reason, we can only hope that the government makes some big changes in the near future.
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