The Cannabis Market, whether Cannabis should be legalized or not?
2 min read
While the world is still fighting over whether Cannabis should be legalized or not many parts of the USA have already legalized the same. New York recently became the 15th State of The US to legalize the sale of cannabis.
The Market: Cannabis is the world’s most cultivated and trafficked drug! With legalization from time to time, this drug is gaining great interest around the world of investors and businesses as well. While the use of the same is not legal in the whole USA the market was still valued at $13.6 billion in 2019!
The COVID 19 period that affected many businesses was a breakout year for Cannabis, where the legal sales across the USA hit a record-high $17.5 billion! According to Cowen analyst Vivien Azer, the cannabis industry will generate $85 billion in revenue by 2030! While BDSA being pessimistic predicts the sale to be $40 billion by 2026!
The illegal status of the same in many other countries makes it smuggle in the black market which is said to generate a revenue of $100 billion every year! The legal sales will also benefit the government with the earnings in taxes, with legalization in New York, the sales are expected to be $4.2 billion, generating $350 million in taxes for the government. While The US is legalizing and normalizing the use of Marijuana/Cannabis it also has its side effects. Many support the same argument that it’s natural and beneficial for the consumer while scientists have proven that the same can be far more dangerous than the consumption of Cigarettes. Hence the world yet being skeptical to legalize the drug is right on their stand because the same will have a lot of negatives than positives.
So, will legalizing Cannabis prove to be a good step for the US? Or will it lead to problems that the sale of guns led to?
