Connect with us

Cannabis Legalization

Economic Benefits of Legalizing Medical Marijuana

Jordan Webber

Published

on

Legalizing Cannabis - Economic Benefits

For many people, the legalization of medical cannabis comes with many advantages. For many patients, this plant is a potent alternative to common medications prescribed by doctors. With its two potent substances (CBD and THC) that boost health and wellness naturally, this plant provides a safe and lasting treatment to their medical conditions. Almost every day, we encounter news and articles featuring the latest research on the health benefits of CBD oil, hemp seed oil, and other cannabis-related substance.

But the benefits of marijuana do not end in its medicinal properties. Because of the plant’s popularity, it has become a blossoming industry. Market analysts forecast the global sales of cannabis to go up as high as $40.6 billion by 2024. The CBD industry alone can grow up to $16 billion by 2025. With these multi-billion figures, it is no wonder that many companies are investing in this miracle herb.

The booming industry is also a key reason why politicians and some lobby groups are advocating for the legalization of medical and recreational marijuana in many states. Just recently, Illinois became the 11th U.S. jurisdiction to legalize recreational marijuana. With this move, less than 35 states have acknowledged the impact of the plant on the national and local economy.

Legal Medical Marijuana – Economic Advantage

Apart from the science-backed contributions of cannabis to health and wellness, the plant also provides tons of perks to the economy. Here are just some of the advantages governments can enjoy once they legalize cannabis within their jurisdiction.

  • Provide substantial income for federal and state governments

Just getting a slice of the $40-billion revenue from the plant is a significant contribution to the national and state bourses. Both individuals and governments can profit from the plant’s legalization. A 2017 report by a leading cannabis data analytics firm showing that the legalization of marijuana at the federal level would result in a $131.8 billion increase in aggregate federal tax revenue collected between 2017 and 2025. The data intelligence company based the figure on the various taxes imposed on cannabis, including 15% retail sales tax, as well as taxes from business revenue and payroll of employees in the industry.

  • Opens Many Additional Employment Opportunities

The growth in investment in the cannabis industry will require hiring millions of workers. In the same 2017 report, researchers estimate that the cannabis industry can generate 1.1 million jobs. These new hires will fill in the positions that are directly involved in growing, processing, distributing, and selling medicinal marijuana.

Employment in ancillary cannabis businesses will also grow. These include laboratories and research centers for marijuana, consulting firms, lending firms, and other indirect jobs. A news report found that marijuana appeared as the fastest growing job market in the U.S.

  • Cementing Marijuana as an Investment Tool

Legalization of marijuana could contribute to secure the portfolios of investors across the country and overseas. Currently, market analysts say investment in cannabis is as hot as putting their money in cryptocurrencies. Some marijuana enthusiasts even create cryptocurrencies like Potcoin to facilitate transactions in the industry.

When cannabis becomes legal on the federal level, marijuana companies freely get authorization to list their stocks on Dow Jones, Nasdaq, and other U.S. exchanges. This move will boost financing activities in the country and provide better access to more investors.

  • Drop in Medical Marijuana Prices

When cannabis gets legalized at the national level, its prices are expected to drop as more companies would enter the industry.  As the competition gets stiffer, consumers can expect lower prices because of increased production. This effect will benefit patients who currently cannot afford to purchase CBD oil or other related products because of heavy regulation and taxes. What’s more, stepping up the competition can also improve the quality of the marijuana products available in the market.

The legalization of marijuana at the federal level can bring a slew of advantages not only to patients but also to the national economy. Because of these benefits, many advocates and lobby groups of the herb are pushing for making the plant legal in all parts of the U.S.

Continue Reading

Cannabis Legalization

Hawaii is the 16th to Decriminalized Cannabis in the US

Jordan Webber

Published

on

Hawaii Decriminalize Cannabis

The state of Hawaii recently announced that it no longer considers possession of small amounts of cannabis a criminal offense. The decriminalization makes Hawaii the 16th in the United States’ jurisdiction to do so.

Hawaii is recognized as the first state to legalize medical marijuana back in 2000. Governor David Ige clarified that the state is not yet ready to legalize the use of marijuana for recreational purposes. Moreover, Ige “declined to sign” the law that decriminalized possession in small amounts.

However, the law will be implemented on January 11, 2020, despite the lack of the governor’s signature. This occurred because Ige failed to make his move before the deadline to veto the legislation.

With this bill in place, individuals who carry small amounts of marijuana will not be charged with a misdemeanor. The law states that individuals with “3 grams or less of weed” will be fined $130. No jail time applies for such instances.

In the past, a misdemeanor charge in Hawaii warrants up to 30 days in prison. A penalty of $1000 in fines also applied.

According to the governor of Hawaii, there are aspects of the legislation which “[he does not] like.” Ige also did not place the law on the list of laws he is deliberating for a veto.

In a news conference, the governor said that he did consider the decriminalization legislation. However, he expressed disapproval of the lack of stipulations regarding substance abuse treatments for younger individuals.

Ige remarked that while Hawaii continues to study issues encountered by other states with legal recreational marijuana, legalizing the recreational use is not yet on the agenda. He also emphasized that governors of other states “acknowledge significant problems with those measures.”

Meanwhile, eleven states (including Washington, D.C.) have laws that legalized recreational cannabis. In the latest development, Illinois is the first state to have a recreational marijuana legalization law that was signed by the state’s government. The state also allowed residents to appeal their convictions.

All other laws for recreational marijuana were made possible by ballot initiatives.

The governor’s legislation history regarding cannabis includes two vetoes for marijuana bills, which the legislature passed. He also shot down a law intended to legalize the transportation of medical marijuana from one island to another. He also prevented the passing of another law which intended to create a licensing process for industrial hemp.

 

Continue Reading

Cannabis Legalization

Michigan Releases Emergency Rules for Marijuana Businesses

Jordan Webber

Published

on

Michigan's Emergency Rules for Marijuana

The Marijuana Regulatory Agency in Michigan recently announced emergency rules for businesses planning to sell marijuana to individuals 21 years old and up. According to their press release, cannabis-focused companies intending to distribute cannabis products can apply by November 1.

These laws will be implemented for half a year, with the possibility of being extended for another half. According to the website of the local government of Michigan, the rules are formulated in view of the recent legalization of cannabis. The implementation of these rules works toward the regulation and taxation of cannabis products.

Marijuana Act in Michigan provides a structure for the state which should be referred to when licensing and regulation cannabis-focused businesses. It also prescribes fines, sanctions, and remedies when necessary.

No capitalization requirements were outlined by the rules.

Moreover, the law allows license holders to acquire temporary licenses when participating in events. Entities with a license to cultivate plants are also given more leeway in terms of the number of crops they are allowed to possess. For businesses with valid licenses under common ownership, they will be able to set up shop on-site.

However, the law clarifies that dispensaries selling medical and recreational cannabis in one location should create a clear delineation between medical and recreational products. This aims to aid customers in identifying which products are for specific purposes.

Andrew Brisbo, executive director of the Marijuana Regulatory Agency said that the rules allow local governments and interested businesses to have a clear set of guidelines. This gives prospective licensees all the info they require for entering the industry in Michigan.

As the regulatory body will start entertaining applications on November 1, Brisbo believes that businesses and municipalities have ample time to review the guidelines before entering the sector.

Pertaining to the potential effects of the emergency rules, Brisbo said that the implementation of the guidelines censures the success of the cannabis sector, as well as the safety of customers.

Josh Hovey from the Michigan Cannabis Industry Association said that the Michigan emergency rules are “well thought out and forward-thinking.” Hovey remarked that the lack of capitalization requirements makes licenses “more accessible” to businesses with smaller capitals.

Meanwhile, medical marijuana facility growers require assets amounting to $150,000 to $500,000 as per state law.

Last fall, Michigan residents voted for the legalization of recreational marijuana, joining ten other states and the District of Columbia in doing so.

Continue Reading

Cannabis Legalization

Grandpa Accidentally Gives Marijuana Cake to Nurses as ‘Thank You Gift’

Stacey Wellington

Published

on

Grandpa's Marijuana Cake

A pensioner recently got into a hot issue as he was reported to give marijuana cake to a group of nurses as a ‘thank you’ gift.

The man unknowingly gifted the laced cake, a leftover from his grandson’s 18th birthday, to the nurse staff at Warrington Hospital in Cheshire.

This incident happened on May 27 in England. The staff nurse reportedly noticed a strange smell coming from the cake then called the police after.

Authorities have conducted an investigation and the cake was destroyed immediately.

However, one nurse staff was reported to have eaten a piece of the cake but didn’t suffer any ‘ill effects.’ Meanwhile, authorities confirmed that no patient ate any of the desserts.

The Cheshire Police released a statement saying, “The Trust activated its usual incident investigation process and interviewed all staff concerned; only one member of the staff ate the cake, no-one came to any harm and no patients are the cake. We are now working with staff to exercise caution on receiving edible gifts.”

Marijuana Edible Safety

The policies and laws of marijuana consumption in the United Kingdom are a little complicated because of the recent transfer of cannabis from Type C class to Type B.

 

Class Drug Possession Supply & Production
          A Crack cocaine, cocaine, ecstasy (MDMA), heroin, LSD, magic mushrooms, methadone, methamphetamine (crystal meth) Up to 7 years in prison, an unlimited fine or both Up to life in prison, an unlimited fine or both
          B Amphetamines, barbiturates, cannabis, codeine, methylphenidate (Ritalin), synthetic cannabinoids, synthetic cathinones (e.g. mephedrone, methoxetamine), ketamine Up to 5 years in prison, an unlimited fine or both Up to 14 years in prison, an unlimited fine or both
          C Anabolic steroids, benzodiazepines (diazepam), gamma hydroxybutyrate (GHB), gamma-butyrolactone (GBL),  piperazines (BZP), khat Up to 2 years in prison, an unlimited fine or both Up to 14 years in prison, an unlimited fine or both

 

Under this classification, arrest involving marijuana is possible if a person grows, sells and distribute the substance. Possession of cannabis is still illegal according to law, however, the authorities can only give a warning if a person is caught with less than one ounce of marijuana supply. Unlimited fines and maximum prison time of 14 years is given if a person is caught with larger amounts of this substance.

However, given the reclassification of marijuana, authorities have taken a ‘laid-back attitude’ to recreational use, which is popular in the UK.

The police target those using stronger substance, including cocaine, meth, heroin and other drugs.

Meanwhile, starting Nov. 1 this year, doctors can already prescribe cannabis products to patients suffering from epilepsy, cancer and other life-threatening conditions. The only catch is, people who can use marijuana for medical purposes need to prove that they are suffering from such conditions with lab results and doctor’s note.

According to HOME Secretary Sajid Javid, “Product must contain cannabis, cannabis resin, cannabidiol or a cannabidiol derivative.”

This new policy applies to Scotland, Wales, and England.

Continue Reading
Advertisement cbd oil
American Eagle to Sell CBD Products
Cannabis Lifestyle2 days ago

American Eagle Outfitters to sell CBD-based Products this Year

Demetrix Funds to Brew Cannabis
Benefits of Medical Marijuana2 days ago

Demetrix Gains $50m in Series A Funding, Aims to Brew Cannabis

Hawaii Decriminalize Cannabis
Cannabis Legalization3 days ago

Hawaii is the 16th to Decriminalized Cannabis in the US

Recreational Marijuana Users Dropped
Cannabis News3 days ago

Recreational Cannabis Use Among Teens, Drops in Legal States

Surterra Wellness New CFO
Cannabis News4 days ago

Fareed Khan Chosen as Surterra Wellness’ New CFO

Medical Cannabis Degree
Cannabis News4 days ago

Israeli College to Offer Undergrad Medical Cannabis Degree

Jay Z Joins Caliva
Cannabis Lifestyle5 days ago

Jay-Z Joins Cannabis Company Caliva as Chief Brand Strategist

CannTrust
Cannabis News5 days ago

Health Canada Confiscates CannTrust’ Dried Marijuana

Michigan's Emergency Rules for Marijuana
Cannabis Legalization7 days ago

Michigan Releases Emergency Rules for Marijuana Businesses

Marijuana Tax in Alberta
Cannabis News1 week ago

Alberta Gains $30m in Cannabis Taxes

Cannabis Farm
Cannabis News1 week ago

Abandoned Police Station Turned into Cannabis Farm

Grandpa's Marijuana Cake
Cannabis Legalization1 week ago

Grandpa Accidentally Gives Marijuana Cake to Nurses as ‘Thank You Gift’

Recreational Marijuana
Benefits of Medical Marijuana1 week ago

Research Found Recreational Marijuana Users End Up Consuming the Plant as Medicine

Canopy Growth and Bruce Linton
Cannabis Lifestyle2 weeks ago

Canopy Growth ‘Terminated’ Bruce Linton

Marijuana Brownies
Cannabis News2 weeks ago

Five Year Old Kid ‘Hallucinated’ After Café Allegedly Sold Marijuana Brownies

Minnesotta OK'd Medical Cannabis for Alzheimers
Benefits of Medical Marijuana2 weeks ago

Minnesota Approved Medical Marijuana for Alzheimer’s

Cannabis Health Facility Surterra
Cannabis News2 weeks ago

Surterra Wellness Raises $100m, Plans to Expand Market

Cannabis-Infused Multi-Course Meals
Cannabis News2 weeks ago

Yellowknife Chef to Develop Cannabis-Infused Multi-Course Meals

CBD Ecommerce Cert
Cannabis & Technology2 weeks ago

LegitScript Kicks Off CBD e-Commerce Certification Program

CBD Antibiotic
Cannabis News2 weeks ago

CBD as a Potent Antibiotic Against Superbugs

Demetrix Funds to Brew Cannabis
Benefits of Medical Marijuana2 days ago

Demetrix Gains $50m in Series A Funding, Aims to Brew Cannabis

Recreational Marijuana
Benefits of Medical Marijuana1 week ago

Research Found Recreational Marijuana Users End Up Consuming the Plant as Medicine

Minnesotta OK'd Medical Cannabis for Alzheimers
Benefits of Medical Marijuana2 weeks ago

Minnesota Approved Medical Marijuana for Alzheimer’s

Synthetic CBD for Seizure
Benefits of Medical Marijuana2 weeks ago

Synthetic CBD Treats Seizure in Rats

NHS Cannabis Clinic
Benefits of Medical Marijuana3 weeks ago

NHS Launches the First Cannabis Psychosis Clinic

Bone Diseases among Seniors
Benefits of Medical Marijuana4 weeks ago

Can CBD Help Treat Bone Diseases Among Seniors?

Erectile Dysfunction
Benefits of Medical Marijuana4 weeks ago

Marijuana and Erectile Dysfunction – Is There A Connection?

Cannabis Credit Card
Benefits of Medical Marijuana1 month ago

Columbia Care Kicks Off First Cannabis Credit Card

Church of England Cannabis Investments
Benefits of Medical Marijuana1 month ago

Church of England Backs Medical Cannabis Use and Investment

VA's Restriction to Medical Marijuana
Benefits of Medical Marijuana2 months ago

VA Restricts Veterans’ Access to Medical Marijuana

Epilepsy Drug with Cannabis
Benefits of Medical Marijuana2 months ago

TSA Approves Epilepsy Drug with Cannabis on Flights

Veterans and Cannabis
Benefits of Medical Marijuana2 months ago

Call of Duty: How Veterans Can Benefit from Medical Marijuana

CBD Oil for Burnout
Benefits of Medical Marijuana2 months ago

A Guide on Using CBD Oil to Cope with Burnout

Benefits of Medical Marijuana2 months ago

Medical Marijuana – How CBD Oil Can Help Treat Depression

CBD for Addiction
Benefits of Medical Marijuana2 months ago

How CBD Use Help Battle Substance Addiction

UK Marijuana Clinic
Benefits of Medical Marijuana2 months ago

Here’s Everything to Know About UK’s First Medicinal Marijuana Clinic

Successful Marijuana Smokers
Arts & Culture2 months ago

5 Successful People Who Have Smoked Marijuana

Medical Marijuana and Sleep
Benefits of Medical Marijuana2 months ago

Marijuana and Sleep – What You Need To Know

Medical Marijuana and Depression
Benefits of Medical Marijuana2 months ago

Things to Know About Marijuana and Depression

CBD To Improve Sex Life
Benefits of Medical Marijuana2 months ago

How CBD Oil Actually Improves Your Sex Life

Trending Articles

Copyright © 2019 Plants Before Pills.