Marijuana today: Legalization and regulation
So far, more than 40 countries have legalized the possession and usage of marijuana, and it seems like more countries are legalizing marijuana for medical or recreational use nowadays. The cannabis industry is rapidly becoming one of the most popular and lucrative ones, however, it is still unclear how the drug will be regulated in the long term.
Legalization of Marijuana
The topic of cannabis in the USA has been pretty complicated for a long time. As of January 2023, 39 states and the District of Columbia have legalized marijuana for medical purposes, and 21 states and the DC have legalized it for recreational purposes. Moreover, the possession of small amounts of that drug has been decriminalized in several states. It means that people caught with small portions of marijuana will not face criminal charges, however, they may still be subject to fines.
Creating jobs and generating tax revenue, marijuana legalization has had a significant impact on the economy. In states that have legalized marijuana, this industry has become a major economic driver, and it is projected to be worth $73.6 billion by 2027.
It’s worth mentioning that even though marijuana is permitted in many states, it is still illegal under federal law. The disconnect between state and federal laws has created a complicated legal situation for the marijuana industry and its users, but it seems to improve over time.
Regulation of the Marijuana Industry
As the cannabis industry has grown a lot, states have had to come up with ways to regulate and control the drug. While states are free to legalize marijuana, federal law enforcement agencies can still prosecute people for possessing, growing, or selling marijuana, even in states where it is legal.
One of the biggest challenges facing the marijuana industry is banking. Since marijuana is still illegal under federal law, many banks are quite hesitant to do any business with marijuana companies. Because of that, many cannabis companies operate on a cash-only basis, making them vulnerable to theft and fraud.
As for the production, distribution, sale, and possession of cannabis in Canada, it has been legalized and regulated since October 2018, making it the first major industrialized country in the world to provide access to cannabis for not only medicinal but also recreational purposes. Here, you are allowed to grow up to 4 plants per household for personal use, and it’s not a problem to buy marijuana in Canada in an online dispensary. It helped build a fairer justice system, so who knows, maybe the USA will follow in the Canadian footsteps, and with more public health data, ease the restrictions.
Summary
The legalization of marijuana is a rapidly evolving topic in the world. As more states and countries legalize the drug, the industry is projected to become a major economic driver, generating jobs and tax revenue. However, marijuana remains illegal under federal law, and it is still unclear how it will be regulated in the long term. It’s facing several challenges, including banking and regulation, but as the marijuana industry continues to grow, it seems that the situation is going to get better.
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