Pros And Cons Of Marijuana Legalization

Marijuana is one of the most common illegal drugs that available throughout the world. It was first cultivated in the United States by the native Indians during the pre-colonial period, before being commercialized by the white settlers as one of the principal cash crops that would stabilize the British Empire. However, the last two centuries have witnessed its growth as an illicit drug, and its massive commercialization primarily by the criminal drug gangs; a move that has called for heavy enforcement of drug laws to help curb it. In the midst of all these, the United States government has continuously enacted laws such as the Marijuana Tax Act of 1937, and the Controlled Substances Act of 1970 (Caulkins 23). This paper examines the pros and cons of marijuana legalization from a macroeconomic perspective and majorly focuses on expenditure, taxes, investment opportunities, and the overall improvement of the United States’ economy.
For decades, the various states, as well as the federal government, have always invested heavily in fighting marijuana production, sales, and use. Such moves have left these governments in the shortage of funds needed to develop the healthcare sector, leading to borrowing and accumulation of loans (Caulkins et al. 78). According to “The Right Call,” “Legalizing cannabis is not about recreating scenes out of a Cheech and Chong movie, but rebuilding the state’s economy. All of it” (15). Indeed, this shows that with the withdrawal of restrictions on the drug, many institutions will get funded, and this will reflect a significant impact on states that would be imperative for growth and