With the marijuana industry slowly but steadily growing across the country you may be wondering what you need to know about it. The marijuana industry is most surprising when the facts are compared with opinion.
Let’s look at five things you may already know, think you know, or have no idea about whatsoever!
Marijuana Legalization Can Make a Huge Financial Impact
You may have heard someone say: “if only marijuana were legalized, this country would get out of debt.” Like many individuals, you may have dismissed statements like these. There is some truth to it, though. According to Tax Foundation: “A federal tax of $23 per pound of product, similar to the federal tax on tobacco, could generate $500 million per year. Alternatively, a 10 percent sales surtax could generate $5.3 billion per year, with higher tax rates collecting proportionately more.”
Let’s do the math. Currently, the national debt is about 19.9 trillion dollars. Don’t allow your eyes to glaze over just yet. A trillion is a billion times 1000. If a national marijuana tax went straight to the budget, it would take 200 years to erase the national debt. It may not be the answer to the budget crisis but 5.3 billion dollars per year is a big enough annual contribution to warrant some consideration.
The Marijuana Industry Could Bring in More Cash Than the NFL
Depending on how you feel about marijuana you may or may not be surprised by the amount of money that consumers pay for it. Marijuana is not legal in every state yet, but let’s pretend that it is.
According to Leaf Examiner: “Marijuana’s total market value could increase to $36.8 billion by 2019. This sum is roughly on par with current revenues for the confectionery industry ($34 billion) and newspaper publishing industry ($38 billion), approximately $3 billion higher than the organic food industry, and $26 billion higher than the NFL (currently at $10 billion).”
The NFL? How can the marijuana industry outsell the NFL?
The numbers don’t lie. There are a lot more people interested in marijuana products than many people in the US realize.
This Ain’t Your Daddy’s Reefer
Marijuana is no longer classified as just something you smoke. Cannabinoids, CBD, and THC are extracted and put into many different types of products.
You can smoke, vape, or rub it directly onto your skin. You can buy THC- or CBD-enhanced candy, cookies, gum, coffee, drinks, wine, chocolate, olive oil and more.
People Support Marijuana Across the Board
It is no longer a left-wing only issue. Americans from the right and left side of the spectrum are now proponents of the legalization of medical marijuana.
According to an article in the Washington Post, “254 congressmen and senators support policies related to the decriminalization of marijuana, or to allowing marijuana for medical use. An additional 32 representatives and 22 senators have publicly declared support for states to set their own marijuana policies without federal interference.”
While only 2 senators and 20 representatives support the use of marijuana recreationally, those numbers are sure to change over the years as public opinion becomes increasingly supportive.
Marijuana Can Be Life-Changing
Most people know that marijuana can help with issues such as chronic pain and glaucoma. Fewer people are aware that marijuana can also do much more. The use of marijuana (or the THC or CBD cannabinoids) can help a myriad of conditions. Let’s look at some of the most notable discoveries and areas of ongoing research.
Cannabis can give cancer patients their appetites back, help them to sleep and relieve pain. In some studies, cannabis has even been shown to impede the progression of cancer cells. Cannabis can relieve symptoms and improve the quality of life for individuals suffering from Parkinson’s Disease, Multiple Sclerosis, and epilepsy. It can also help individuals suffering from mental illness including PTSD.
If you are already a proponent of the legalization of marijuana, these facts may not surprise you. In that case, you are part of the group of people who are continually surprised by only one thing. Why is marijuana not legal across all 50 states?
You might like to throw some other questions in. How about:
- Why are states and the federal government not taking advantage of the financial gain to be found from taxing the product?
- Why is there still such a stigma about using marijuana when so many people already do?
- Why is it so hard to pass legislation when most Americans are for legalization?
- Why are so many sick people missing out on a viable treatment?
The road is long, but thanks to growing legalization – and fact-sharing – people are gradually becoming more educated regarding marijuana, its uses, and its benefits.