Guest Post: The Era of the “Green Rush”: Is Legalized Marijuana a Fiscal Bonanza?

As of January of 2014 there are still only two states of twenty American states that have legalized medical marijuana that also permit recreational use as well; Colorado and Washington. These two states, in many ways, will set the stage for other states that are hesitant to embrace legalized recreational marijuana.

Early reports from Colorado indicate that state is generating a successful tax revenue stream since the so-called “green rush”, however, not everyone is sold on the idea of marijuana being widely available to adults, and more available to teenagers.

The marijuana “green rush” is about the thousands of inventors, investors and John and Jane Doe Public buying into the marijuana industry. In states where marijuana is not regulated the revenue that is generated is through the underground marijuana market which provides no fiscal benefit to government coffers. With a fully regulated system, states could see millions of dollars in new revenue, not to mention increased sales from consumers purchasing new inventions and devices created to make the smoking experience more pleasurable. [1]

This boost in the Colorado economy can also help create jobs and new sources of revenue, a significant motive for legislators in other states to consider. In 2012, the Colorado Center on Law & Policy made predictions on the possible financial impact that recreational marijuana could make saying, “the passage of Amendment 64 could be a boom for the state economy. Marijuana legalization would produce hundreds of new jobs, raise millions for the construction of Colorado public schools and raise around $60 million annually in combined savings and revenue for Colorado’s budget.” [1]

Predictions on the potential revenue to be earned in Colorado is on target as sales began in January of 2014. During the first week of retail sales, marijuana dispensaries earned and exceeded the $5 million mark. [2] The state has projected annual sales to reach around $600 million, and estimates $70 million in tax revenue.[2]

The legalization of recreational marijuana is still a hot topic in which supporters and opponents have battled back and forth in regards to the pros and con, especially the message it sends to adolescents and young teens. Critics of Amendment 64 are fearful of the potential greater access that legalized marijuana could have on teens. (Lyman, 2014) [3]

For years, lawmakers have claimed marijuana is not only a harmful drug but one that can lead to a harder drug use over time. There have been serious flaws in both these theories as no study has concluded that marijuana is more dangerous than alcohol. In fact, studies have found the opposite, concluding that marijuana is safer than alcohol and tobacco and has statistically less health endangering consequences. [1]

Many parents are also on board with marijuana regulation and agree it would be better if their teens were getting the drug from a safer source such as a dispensary, if they choose to use marijuana in the first place. Regulatemarijuana.org is a website dedicated to campaigns that support marijuana regulation and is supported by parents, and even former police officers in Colorado.

Dr. Erika Joye, a nationally certified school psychologist working with the campaigns quotes, “Marijuana prohibition is the worst possible policy when it comes to keeping marijuana out of the hands of teens. If we do not regulate marijuana across the board, we are guaranteeing that sales will be entirely uncontrolled and that those selling it will not ask for ID. We are also forcing consumers into an underground market where they are likely to be exposed to other, more harmful products.” [4]

It is clear that Colorado and Washington are setting the stage for the rest of the country, with the New York Times predicting that Oregon and Alaska will be next.

Sources:
[1]Ferner, M. (2012, August 28). Why marijuana should be legalized: ‘regulate marijuana like alcohol’ campaign discusses why pot prohibition has been a failure. Huffington Post. Retrieved from http://www.huffingtonpost.com/2012/08/28/why-marijuana-should-be-legalized_n_1833751.html
[2]Ferner, M. (2014, January 8). Colorado recreational marijuana sales exceed $5 million in first week. Huffington Post. Retrieved from http://www.huffingtonpost.com/2014/01/08/marijuana-sales-colorado_n_4552371.html

[3]Lyman , R. (2014, Feb 26). Pivotal point is seen as more states consider legalizing marijuana . New York Times. Retrieved from http://www.nytimes.com/2014/02/27/us/momentum-is-seen-as-more-states-consider-legalizing-marijuana.html?_r=0

[4]Unknown. Moms and dads for marijuana regulation post yes on 64 billboard . (2012, June 28). Retrieved from http://www.regulatemarijuana.org/news/moms-and-dads-marijuana-regulation-post-yes-64-billboard

This article is a guest post by BRENDA ABBOTT, Executive Assistant at Saint Jude Retreats, an alternative to traditional substance use treatment. Saint Jude Retreats provides a program for people with substance use problems that concentrates on self-directed positive and permanent change. Saint Jude’s offers the opportunity for individuals to self-evaluate and explore avenues for life enhancement. Brenda enjoys doing research and writing articles, spending time with her family, and is currently beginning to write her first book.

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5 thoughts on “Guest Post: The Era of the “Green Rush”: Is Legalized Marijuana a Fiscal Bonanza?

  1. Sam sez; no harm no foul? Weed is not any worse than alcohol? Try telling that to a grieving parent when the police are at their door announcing the results of a marijuana induced fatal impaired driving accident. With increased access to yet another intoxicant such as marijuana it is inevitable that there will be an increase in impaired drivers, plain and simple. A recent study finds more drivers in fatal car accidents in Colorado are testing positive for marijuana… Studies aside, when was the last time you spoke to a hard drug user that didn’t start with marijuana?

    1. Sam
      Thats the part she left out. I am certain that thier are studies that marijuana is the starter drug.
      But certain people do not wish to shows those studys to the public because it interfers with thier personal againdas.

      It is the starter drug, tooking up can and sometimes will put a person on the path to far harder and worse things. The best thing about the demon alcohol, is that when U drink too much, U will suffer. Most drugs do not give U a hangover.

      Nuff Said

  2. Maybe marijuana isn’t as toxic as people perceive it to be, but since no one wants to be part of the solution because its easier to be part of the problem, there isn’t much funding to research this.

  3. I would like to point out my admiration for your kind-heartedness, giving support to men who have the need for help with parenting after divorce. Your personal commitment to passing the message to them is exceptional. Thank you; from all of us.

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