Consumption of cannabis, also known as the weed is illegal in most parts of the world due to the adverse effects associated with it. The herb is believed to cause poor decision making by the user as well as affecting the normal body function. Prolonged use of cannabis has been thought to slow down the brain function. However, many types of research continue to be conducted to prove wrong these beliefs, and the use of cannabis is slowly becoming legal in various places in the world. In Canada, for example, the use of the drug is gradually legalized. The following are some economic benefits associated with the legalization of weed edibles in Canada:
Revenue from the sales
Marijuana can generate a lot of income for the government since its consumption is on high demand. Legalizing the use of this weed means that many people would willingly produce the same. Majority business people would also engage in its trade, thus generating more income. In places where the consumption of the weed is illegal, only a small number of risk-premium participate in the business in the underground economy.
The weed taxes
Legalizing the use of marijuana means that the excess profit that the risk-premium enjoys will be transferred to the government through taxes. Legalization means more revenue for use in other activities and services to the citizens.
Supply and demand
Selling weed edibles comes with considerable risk, and most consumers and sellers stay away from the trade for fear of legal consequences associated with it. However, making the business legal would mean more demand, that also leads to more supply. When the demand and supply increases, it would lead to a reduction in the prices hence the affordability by the majority. The more the amount and demand, the higher the revenue, on the part of the government.
Source of employment
Legalization of the weed edibles means most people would openly participate in the trade through farming, selling the weed, selling the edibles, and acting as intermediaries in the supply of the products. Majority of the people, even those who are not consumers, would benefit indirectly from this business hence reducing unemployment.
Curbing of criminal activities
Majority of businesses that are not legal are done by criminals who are daring to oppose and break the set laws and regulations. Illegal weed trades means that there will be many cartels operating underground, thus sabotaging other economic activities. Increase in the number of unlawful groups handling these illegitimate products leads to insecurity and in essence, less production in other fields.
Legalization of weed edibles may have many benefits to both the consumer and the government Weed Smart online It ensures that there are laws in place that check and control the operation of the trade. It also means that the health of the consumers will be put under check as the government will ensure quality standards of the products. Majority of the citizens would also legally get employed, thus increasing in revenue.