Should Marijuana Be Legalized - 1656 Words

Abstract All over the nation we are seeing economic growth due to the legalization of marijuana. In 2014 expected tax revenue from the marijuana industry is an expected $67 million just in Colorado alone. Now in Washington their government is allocating a 25% excise tax on marijuana. While in Colorado they assigned a proposition to enable a 15% excise tax, and a 10% sales tax on recreational marijuana. Marijuana is stimulating businesses all over, whether it be real estate, construction, or candy! Business owners are using the legalization of marijuana to their advantage. With the legalization of marijuana businesses like Whole Foods and The Body shop, that import an estimated 25,000 hemp product, can buy their hemp products from national†¦show more content†¦With many prospects for European travelers Coloradans are preparing themselves for new business opportunities. Like how the Colorado Symphony Orchestra has started a series of concerts sponsored by four different cannabis relate d companies. These concerts are expected to bring a younger audience back to the arts. There are about 7.6 million frequent marijuana smokers in the United States, according to the 2012 National Survey on Drug Use and Health. Nearly 23.9 million Americans use marijuana semi regularly, so what are we waiting for? It’s time to reach into this untapped pool of customers and capitalize on the legalization of marijuana. Taxes In the first half of 2014, Colorado’s marijuana commerce was responsible for generating about $20 million in state fees and taxes. This new revenue is planned to be used to ensure that the agencies responsible for administering marijuana regulations have sufficient funds to enforce laws and do compliance checks. Gov. John Hickenlooper has proposed we use $10 million to research the medical efficacy of marijuana. Additionally, some of that revenue is going to be allocated towards constructing schools, and generating youth and public education campaigns about marijuana. The trade journal Medical Marijuana Business Daily currently estimates that a fully legalized