by Medical Benefits of Marijuana
There is substantial evidence that marijuana possesses important medical benefits. Clinical research has shown that compounds in marijuana known as cannabinoids can help reduce nausea and vomiting from chemotherapy, treat chronic pain and muscle spasms associated with multiple sclerosis, mitigate symptoms of PTSD and epilepsy, and possibly slow the progression of Alzheimer’s disease. Other potential therapeutic uses continue to be explored. While more research is still needed, the data indicates that marijuana may effectively treat serious medical conditions for which other treatment options have limited success or come with harsh side effects. Legalizing medical marijuana would allow patients suffering from these ailments access to an alternative therapy.
Economic Impact of Legal Marijuana Industry
In addition to medical benefits, Legal Marijuana has significant economic implications. States that have legalized recreational use such as Colorado, Washington, and Oregon have experienced major tax revenue windfalls with hundreds of millions of dollars collected since regulations took effect. Marijuana businesses also create jobs across various sectors including agriculture, manufacturing, retail, distribution and more. One study estimated the national legal marijuana industry could support nearly one million jobs by 2025 in cultivation, production and retail. Legal markets displace the black market as well, strengthening legal business activity and tax bases in participating states and localities. With an estimated annual national market potential of over $50 billion, legalizing and properly regulating marijuana represents an enormous new economic opportunity.
Challenges of Federal Prohibition
While public opinion and state laws have increasingly supported legalization, federal prohibition under the Controlled Substances Act continues to create challenges. Because marijuana remains federally illegal as a Schedule 1 drug, banks are hesitant to work with marijuana businesses due to potential money laundering and other liability concerns, forcing the industry largely into cash-only operations. This creates security, transparency and tax issues. Legal businesses also lack access to traditional Small Business Administration loans and lines of credit available to other industries. Federal law prohibitions also lead to interstate commerce and transportation issues that disrupts supply chains. Resolving conflicts between state and federal marijuana policies would help address these challenges and allow legal markets to fully mature.
Public Support for Legalization Trends Upward
Over the past two decades, public opinion in favor of Legal Marijuana has steadily climbed according to numerous nationwide opinion polls. National support first exceeded 50% for the first time in 2021 according to Gallup, with two-thirds of Americans now saying marijuana should be made legal for medical use. Even support for full adult-use legalization has trended upward, passing 60% in some polls. This rise in acceptance cuts across party lines. Younger generations show especially high rates of support compared to older Americans. With the majority of states having now passed some form of legalization law and a growing number of countries moving the same direction, marijuana policy is in a period of major change driven by public will and demands for a less punitive approach.
International Trends Toward Legalization
In addition to the United States, other nations are reexamining their stance on marijuana in response to the changing North American legal environment and shifting social views. Mexico took steps to legalize possession and personal cultivation in 2021. Several countries in Europe such as the Netherlands, Portugal, Spain, Switzerland, and most recently Germany have implemented some form of decriminalization. Canada became the first major nation to federally legalize adult-use cannabis in 2018 with a regulated market resembling those seen in U.S. states. Other countries are considering reform or studied approaches that balance economic opportunity with health and safety. Globally there is a recognition that prohibition has failed and more liberal policies are gaining momentum, though regulations and models will likely vary substantially between legal jurisdictions.
Progress at the Federal Level is Needed
While significant momentum has grown toward legalization at state and international levels, U.S. federal marijuana laws have not kept pace with societal changes. New leadership and Congressional action are required to align federal policies with the majority views of Americans and reconcile the discord between state and national laws. At minimum, rescheduling marijuana under the Controlled Substances Act to a less restrictive category and allowing more scientific research should be priorities. But the fastest way to resolve the remaining obstacles from federal prohibition would be to deschedule and legalize marijuana at the national level through federal legislation. This would establish a clear legal framework and regulations for a nationwide industry. Completely ending federal prohibition likely requires electing representatives willing to put forth reforms and build bipartisan coalitions behind full legalization.
After over a half-century of strictly prohibitive marijuana policies in the United States, we are now witnessing the beginning stages of a long-term shift toward legalization and regulation. Driven by medical research, economic realities and majority public opinion for a less punitive approach, more states have successfully adopted various legalization models. The North American continent generally is trending toward accepting marijuana as a legitimate industry, though federal and international adoption will take more time. While challenges from conflicting laws persist, reforms at higher levels of government will be key to fully realizing the benefits of legal marijuana and bringing the remaining illegal markets under a properly regulated structure. The trajectory toward legalization seems inevitable, but achieving full implementation of a regulated, nationwide marijuana program remains a yet unfinished journey.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
