The legalization of marijuana in Canada has been going on for three years, so it’s time for the federal government to reconsider and alter the policy. Cannabis was legalized in Canada on October 17, 2018, making it the second country to legalize recreational drug use. The Cannabis Act, introduced by the Trudeau government, has several aims.
Post introduction, more people in Canada have started to consume cannabis. According to the latest government study, 27% of participants said they had used marijuana in 2020 — up from 22% in the first cannabis survey conducted in 2017.
Here is a look at how legalization has positively impacted the economy, consumer market, and healthcare sectors.
Positive Changes After Legalization of Cannabis
The Cannabis Act has helped the Canadian government’s intention to keep cannabis out of the hands of youngsters and profits out of the pockets of criminals. The legislation also aims to protect public health and safety by allowing legal bulk cannabis sales to adults while restricting direct and indirect marketing to kids, including teens. Here is what has changed and what is foreseen for cannabis after legalization.
Boost in Economic Growth
Marijuana haven’t yet turned into a Billion Dollar market, especially after the pandemic. However, one of the most significant economic benefits of legalizing something like cannabis is the idea that it would create greater economic growth. Legalizing an industry means creating jobs and demand to fill those jobs.
This increased demand drives business, and economic growth as more people fill roles within industries related directly to what was formerly illegal (i.e., dispensaries). However, a secondary “ripple” effect occurs when the economy sees an increase in economic output because now businesses have legalized means by which they can produce goods without fear of repercussion from police or other governmental agencies (i.e., growing cannabis).
There are Lot of Benefits for Cannabis Stores and Customers
People who want to buy marijuana legally must consider a few requirements. After the legalization, customers can rely on the quality and pureness of the products available in cannabis stores online. So, once they step into a store, they can purchase quality products, say visiting authorized stores to buy the best hash in Canada at great discounts due to ease of restrictions. Shops can sell these products for recreational use (like oils and food with cannabinoids used as an ingredient). However, they are not allowed to advertise these products publically; you will be able to only find them through word of mouth or on internet forums.
Legalization of Marijuana Means More Jobs
Perhaps the most tangible economic benefit is the economic impact of creating new jobs for people to fill once an industry has been legalized. Reports show that the adult-use recreational cannabis industry has created 98,000 jobs due to marijuana legalization, contributing $43.5billion to Canada’s National GDP.
Reports show that the legalization of marijuana would significantly impact the country’s economy by 2025. By 2025, it is expected that 1 million new employment opportunities will be available due to nationwide legalization. Planting, processing, distributing, and selling marijuana-based products need employees.
With increased economic output comes an increase in economic activity, which means more jobs are created to keep up with the demand for workers. Furthermore, there’s also a financial benefit for companies that were formerly required to hire employees through illegal means because they didn’t have the option of simply creating open positions or extending their current workforce’s hours. By shedding light on this issue and legalizing cannabis, these companies can now fill their vacant roles while providing additional opportunities for those individuals who previously had no legal way of doing so.
Marijuana can bring significant advantages for businesses on a local and national level. It may also aid in the preservation of investors’ investments across the country and around the world. Unfortunately, until marijuana remains illegal at a federal level, investors cannot take advantage of the industry’s development. The number of marijuana-related firms listed on public exchanges is minimal. While investors choose to work with over-the-counter exchanges, many of the most successful firms in the early legal cannabis sector are in Canada or other nations.
If marijuana is legalized nationally, marijuana businesses will list their stocks on all stock exchanges, allowing for greater liquidity and accessibility to a broader range of people. Furthermore, if the growth rates in the cannabis sector continue at this rate, investors will undoubtedly want to get involved.
What About Medical Marijuana?
Persons with severe ailments like epilepsy and depression are entitled to access medical marijuana under certain conditions: they should obtain a recommendation from their healthcare provider and register with the concerning authorities through a registration card, ID, or patient record.
Marijuana Legalization in the USA and Canada has a great impact on state legislation. It’s also important to know that marijuana legalization will significantly impact the economy as more states produce cannabis for commercial use. In addition, the legalization of cannabis has opened doors for more research regarding its impact on the healthcare sector, which will help people treat chronic diseases.