Written by: Aiden T.
On May 31st, 2019 Illinois governor J.B.Pritzker signed the Cannabis Regulation and Tax Act which took effect January 1st, 2020. According to a study, funded by the Illinois Economic Policy Institute and the Project for Middle Class Renewal at the University, the Cannabis Regulation and Tax Act could potentially generate 525 million in new tax revenues. With this bill Illinois tax payers could save 18.4 million in incarceration costs, legal fees, and law enforcement fees. Whiten the first week of the new year 11 million was spent on cannabis products, 3.5 million was spent on just the first night new years.From a financial aspect this legalization act is shaping up to be huge, but how does it affect states surrounding Illinois? “Weed Tourism” is the act of traveling to a state that has legalized marijuana use. Wisconsinites are already traveling to Illinois to take get a piece of the action. Is Wisconsin missing out on an opportunity? An Opportunity that could potentially build a stronger economy. I would say yes, so far California has made 2.7 billion in marijuana sales, Colorado 1.2 billion, Washington 943 million, Michigan 633 million. These are just some examples of the amount legal states have brought in. Not to mention the amount of individuals that no longer need to go to the black market to purchase marijuana. Yes, the legalization of cannabis does have some down sides, the thought of minors getting there hands on it is a scary thought, but the average age teens start smoking is 16, but with regulation hopefully the government can have more control over underage users.
All in all the legalization of cannabis has its pros and cons but from a financial point of view it’s kind of a no brainer in regards to legalization.
Works Cited
Berg, Austin, et al. “Illinois Cannabis Taxes among Nation's Highest, Could Keep Black Market Thriving.” Illinois Policy, 9 Jan. 2020, www.illinoispolicy.org/illinois-cannabis-taxes-among-nations-highest-could-keep-black-market-thriving/.Schulte, Sarah, and Wls. “Illinois Marijuana Sales: Millions Spent in 1st Week, but Supply Shortages Cause Some Concern.” ABC7 Chicago, 9 Jan. 2020, abc7chicago.com/5827924/.
T, Buddy. “Kids Might Start Smoking Pot Earlier Than You Think.” Verywell Mind, Verywell Mind, 24 June 2019, www.verywellmind.com/at-what-age-do-children-generally-start-smoking-pot-63541.
Wood, Rebecca. “Illinois Expects Economic Impact Following Marijuana Legalization.” The Daily Illini, 12 July 2019, dailyillini.com/news/2019/07/12/illinois-expects-economic-impact-following-marijuana-legalization/.
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ReplyDeleteYes, the legalization of cannabis does have some down sides, the thought of minors getting there hands on it is a scary thought, but the average age teens start smoking is 16, but with regulation hopefully the government can have more control over underage users. All in all the legalization of cannabis has its pros and cons but from a financial point of view it’s kind of a no brainer in regards to legalization.
ReplyDeleteWith any drug there are always downsides. Smoking weed is not the best thing you can do for your body, but making it legal there is an increase in the chance the the drug is more pure and not laced with anything else from traditional dealers. The cash increase for the state is obviously a good, so as long as there is regulation to keep it from minors, I feel as though this will be a win for the state.
ReplyDeleteMuch like tobacco, there are potential risks to making marijuana legal, however, the danger for the people lies in their own hands. From an economic standpoint, this is a huge opportunity to make revenue and minimize expenses from it being illegal. The amount of illegal interactions and the process of trying to track them down is worse for the economy, and simply legalizing it could provide a great economic opportunity.
ReplyDeleteThe legalization of Marijuana does have it’s pros/cons, but it has more cons than pros. With the legalization of marijuana minors will be able to get their hands on it easier than they are now. Vaping for example, is illegal for everyone under 18 currently, and yet many minors are vaping. If we legalize pot, not only will a lot of people be smoking pot, but minors could get their hands on it. True, states may have made a lot off of marijuana sales, but smoking also causes lots of health problems not only for the smoker, but also for the people around the smoker. Second hand smoking is just as dangerous as smoking. But in second hand smoking, the person isn’t smoking but rather around someone who is smoking, and then that person breathes in the smoke from smokers.
ReplyDeleteThe amount of revenue generated by these bills would greatly impact the Wisconsin economy. However, what are the repercussions? For example, more legislature would need to be passed to guarantee that minors do not purchase marijuana. Additionally, comparing this situation to vaping or Juuls, I believe that the marijuana market would have a similar outcome. As soon as minors got their hands on more nicotine and Juuls, President Trump had to step in to end the hospitalizations and deaths. Even though it would be extremely hard to become hospitalized on weed, I do believe that the outcome would be similar.
ReplyDeleteBut, from an economic standpoint, the extra money made by the sale of weed would greatly benefit Wisconsin. The thing in question his how (and to what degree) would the negative side effects affect not only our economy, but our state as well.
I agree that there are some downfalls to legalizing Cannabis. But like you said, looking at the financial point of view, the U.S. can bring on loads of money that we can use to benefit us. I think that with legalizing Cannabis, there has to be some procedures being done such as, making sure the person that is receiving it doesn't have a criminal record involving drugs, and if they do check to see if they have done anything to change their life around. Legalizing Cannabis will definitely help the U.S. in the long run.
ReplyDeleteLike tobacco, there are potential risks to making marijuana legal, but the danger for the people lies in their own hands. From an economic standpoint, this is a huge opportunity to make revenue. The amount of illegal interactions and the process of trying to track them down is worse for the economy. This is a good blog overall, and there are many downfalls to the legalization of Cannabis.
ReplyDeleteYou have some great thoughts and Ideas when it comes the economic benefit of the legalization of cannabis! But another aspect is the creation of jobs within our economy as we will need people to grow and harvest it and we also need people to sell it and manage the stores. But if we are able to facilitate marijuana and it keep it out of the wrong hands it will be a great benefit to the US!
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