From medicine that cures illnesses in children to an alternative recreational activity to drinking, marijuana comes with a lot of benefits. Most people are only concerned with the way marijuana affects the body, though. Many aren’t even concerned with the financial side of the marijuana industry, which is very exciting for the US economy.
By creating an entirely new and emerging legal marijuana market in the United States, the government is creating another massive source of revenue. While it is true that marijuana has not been legalized in every state, it certainly looks as though that’s the way things are moving. Even in states where it isn’t legal to use marijuana recreationally, the punishment has been drastically reduced. The decriminalization of marijuana has spared countless individuals from unjust jail time, and everyone is becoming more tolerant and acceptant of marijuana.
With the way things are moving, marijuana will help provide a healthier economy and more tax revenues for our government. On a state level, this equates to millions of dollars in annual revenue.
Washington Marijuana Dispensaries
To better illustrate the financial benefits of marijuana, consider what is happening in Washington. Though the marijuana industry is still growing, developing, and maturing, the state is already seeing financial benefits from Washington marijuana dispensaries. In the last year alone, there were over $250 million in marijuana sales as a result of Washington marijuana dispensaries – some of which were medical marijuana dispensaries.
Furthermore, the state racked up more than $70 million in taxes. Some may argue that $70 million is a small amount compared to their annual budget of some 19 billion dollars, but consider that the industry is still growing and that the state will see increased tax revenues as time progresses. Washington marijuana dispensaries are providing a steady stream of cash flow for the local government, which is good for everyone in the state. In addition, Washington medical marijuana dispensaries are helping provide residents who have a debilitating illnesses a means of relief for their suffering. Furthermore, that $70 million is cold hard cash that can be used to pay for state programs. It helps to reduce the amount of the federal budget spent as well as providing capital for local state institutions.
Colorado Marijuana Dispensaries
Comparatively, the state of Colorado saw some $44 million in tax revenues as the result of marijuana last year alone. Though it is yet to be seen if marijuana is a product that is as inelastic as alcohol and cigarettes, there is undoubtedly projected growth in the marijuana market that will help fuel each state’s economy.
Marijuana prohibition has already been introduced on a state level with great success. As time progresses, more and more states will legalize marijuana and receive massive tax revenues that will benefit citizens of the entire state. If you need to find a marijuana dispensary or even a medical marijuana dispensary, consider using our medical marijuana dispensary locator.