Cannabis extracts have been making waves in the health sector for a long time because of their numerous healing and natural properties. So, if cannabis is doing so much for the human body, why isn’t it legalized everywhere? The answer is quite complicated because different countries have varying reasons for their reluctance to legalize weeds.
However, once weed is legalized, it can transform the health sector of any country, and this article seeks to highlight the benefits of CBD medication and legalization in a country. What will the legalization of weeds do for an economy, and how can it transform the way we view alternative natural medicine? Let’s get answers.
The top seven benefits of CBD medication & legalization in a country
A Reduced Spate of Violence/Crime
Some people erroneously think that when marijuana is legalized, it will lead to an increase in crime rate and violence, but that is far from the truth (the opposite, in fact). Legalizing CBD and all forms of medical marijuana will lead to regulations, which means the products will no longer be “Smuggled” or bought illegally.
According to a 2017 report, violent crimes decrease in states where medical marijuana is legal. Some of these states include California with a 15% reduction in crime rate and Arizona with a 7% reduction in violent crimes. Again, legalization aids regulation, which ensures a measure of control with the distribution.
Numerous Health Benefits
The more experts research CBD extract’s benefits for health; the newer ideas are unraveled; as such, multiple health advantages cut across epilepsy, anxiety, and nerve pain. Medical experts who have used CBD oil claim that it can treat high blood pressures, glaucoma, muscle spasms, acne, anorexia, depression, drug addiction, and chronic pain.
Every country has a healthcare budget that takes a massive chunk of its budgetary allocation for a fiscal year. If CBD is legal, people will find relief from such issues, thus lowering the costs and reliance on overly expensive drugs. Other benefits of the availability of medical cannabis and CBD are the treatment for health issues like Alzheimer’s disease, insomnia, diabetes, arthritis, and autism.
Increased Tax Revenue Generation
Taxes drive a nation’s economy; hence, revenue generation is always a priority as no nation can survive internally or externally. An excellent example of a state with increased tax revenue in Colorado: joining other states using recreational weeds earned them over $1 billion in taxes.
Statista reports that marijuana taxes are up to 37% higher than regular sales taxes, which means a state like Colorado will earn more in tax revenue than other industries. If CBD is legalized, many countries and states will maximize their tax generated from cannabis to boost their economies.
Boosts the Agricultural Industry
Farmers who plant cannabis attest that it is a thriving business that provides opportunities for work and sales. Legalization sets the pace for increased employment and trading opportunities in the agricultural sector.
In countries where CBD is legalized, there is an influx of demands for raw and processed products from states where CBD is not legalized. Every country with an active and profitable exportation industry will experience a boom economically because there will always be a high demand for what people need.
Increased Employment Rates
As mentioned earlier, if legalized, the CBD industry will yield a lot of profit for businesses, and when companies are profitable, it will translate into the increased workforce. Low employment rates in countries are a challenge that negatively affects the economy as every leader wants to create JOBS!
To create jobs, the government will need to set up thriving business sectors, and the CBD industry is one of such enterprises that will guarantee a high employment rate. The CBD industry is a crucial part of the job market, with more than 250,000 employed in 2017.
Countries Will Reduce Prohibition Funds
Prohibition funds establish boundaries with CBD in societies where it is not legalized. However, legalizing CBD in states can save a lot of money off prohibition funds. Money that should be used for numerous debates on CBD’s legality and other control measures can be channeled into adding value to society.
A study published by the CATO Institute states that $6 billion of federal funds were used to enable marijuana prohibition, whereas federal tax revenues from legal cannabis would have been $8.04 billion. Imagine all the infrastructural development in a country with over $8 billion (these figures show the importance of legalizing cannabis).
It Is a Lucrative Business Sector
According to The New York Times, the CBD industry will hit a $16 billion mark in the United States by 2025, which means economically, this is a viable venture that can earn business owners millions of dollars. The USA CBD sales figures rose by 57% in 2018, and this increase also relates to other CBD edibles.
There are many financial benefits with legalizing weed, but it must become proactive with enacting favorable CBD laws for any society to enjoy these benefits. Citizens that live in countries where CBD is legal, have a greater chance of starting profitable businesses in the industry, thus with an assurance of increasing annual earnings.
CBD has a lot to offer, but if it remains illegal and banned in some states, such benefits will only be analyzed on paper and not adequately harnessed. Yes, there are numerous challenges associated with allowing the industry to thrive independently, but the solution to that lies in proper regulations.
Legalization doesn’t mean the absence of regulation: alcohol, for example, is legal in many countries and is still mainly regulated. Those below the age of 18 cannot buy a drink. If the same regulatory measures are put in place with CBD, these benefits discussed above will be achievable in any country.