The use of Cannabis for recreational use has for long been forbidden in almost all countries for several decades. However, due to the various legalization efforts, quite a few nations such as Canada and Uruguay, and also some states in America, have allowed the production, trade, possession, and recreational use of Cannabis. This legalization has various effects on both the economy and society.
Recreational use of Cannabis is now permissible across the country of Canada, and therefore an entirely new industry has grown within the Canadian economy.
Two major questions arise on the impact of the legalization of marijuana:
- What’s the impact on the economy?
- What’s the impact on public health and culture?
Possession of Marijuana
Any adult in the country of Canada is allowed to purchase, grow, possess, and use marijuana and marijuana products according to the law. While the legal age is 18 in the provinces of Alberta and Quebec, it is 19 for the rest of the provinces in Canada. Crossing the state borders while in possession of marijuana is however prohibited.
Outlets where marijuana can be purchased
While marijuana is not available in the same locations that alcohol and tobacco products are sold, there are other sources where one can purchase marijuana. No bar or restaurant is allowed to sell marijuana yet. Consumers of this product can access it from retailers who are licensed by the various provinces or from the producers who are recognized and licensed by the state.
Consumers are also able to buy marijuana from best online dispensary in Canada, and various other companies legally selling marijuana and other CBD wholesale products. One can even purchase products like full spectrum CBD oil, cannabis edibles, topicals through online platforms.
Vaping has also become popular with the rise of cannabis consumption in Canada. Many popular vaporizers like Mighty vaporizer, CBD juul pods, the best desktop vaporizer from Herbonaut and many herbal vaporizers are being used for vaping cannabis-infused vape juices.
Cost of Marijuana
Currently, the price ranges from $6 to $13 per gram on the lower-end, depending on the province in which you’re in. This will, however, mainly depend on the quality of the product. An exceptional marijuana excise tax, which is divided up between the central government and the provinces, is included in the price. A sales tax is also added at the cash register.
What’s the impact on the economy?
The Legalisation of marijuana has created a whole new industry – perhaps a whole new economy. No matter how you choose to perceive it, the legalization of the marijuana industry is certain to be a great income for the Canadian government, estimated to clock $400 million annually in taxes levied from retail sales. The legal marijuana market will generate a massive tax payout with few adverse effects on public health and safety.
The legalization has resulted in a boost to local economies and has also initiated job creation. This is already evident from the medicinal cannabis space in Canada as well as over the past year or so the country has been gearing up for legalization.
While 43 percent of Canadians have tried cannabis and now with its legalization, this could be a big bonus for the Canadian economy. While some products will be phased over time, and therefore the revenue stream is expected to be gradual, its potential nevertheless is in the tens of billions of dollars.
This impact will most likely encourage other nations to move towards legalization of marijuana at a faster rate.
What’s the impact on public health and culture?
The rise in demand for marijuana in Canada had ultimately resulted in the expansion of the black market. It has put control in the hands of unregulated dealers due to the high demand as compared to the limited supply.
The action by the government of Canada to legalize this trade has led to the reduction of the thriving black market for the drug. This has ultimately reduced the amount of illegal activity in Canada as shown by the rate of police-reported marijuana offenses. Legalization addresses some of the social problems which are commonly associated with the black market for marijuana, for example, unsafe environments which come about due to the illegal distribution of the drug.
The Legalisation of marijuana in Canada could result in an increase in the recreational use among adults which could result in the health risks commonly associated with its use, when it’s abused, like impaired memory and hallucinations. There are also medicinal benefits of marijuana use in managing pain, inflammatory bowel diseases, and adverse effects of chemotherapy.
The legalization of marijuana has the benefit of generating tax revenue from the trade, while also saving the government dollars spent on legislation aimed at prohibition. In addition, legalization removes the illegal element from the market and helps eradicate Canada’s black market and its consequences for the public.