Question One: Please introduce yourself, including what you do.
Daniel Ameduri (www.FutureMoneyTrends.com) is co-founder of the Future Money Trends newsletter, an authority for financial freedom and economic research in commodities, cryptocurrencies, personal finance and income ideas. A self-made multi-millionaire, Ameduri also has a YouTube channel, VisionVictory, that has received 10 million video views. He’s also been featured in The Wall Street Journal and ABC World News.
Question Two: Is legalizing pot a good idea?
State tax revenues related to both recreational and medicinal marijuana sales in Colorado totaled nearly $250 million last year. Some projections see California collecting over $1 billion annually.
It creates jobs. Nurseries and dispensaries, as evidenced in the cannabis-legal states, create many employment opportunities. In California, over 80,000 jobs came about (producing a $3.5 billion increase in labor income) due to legalized marijuana sales, according to a study by ICF International. Colorado, which saw an estimated $2.4 billion worth of cannabis-related economic activity in 2015, has over 40,000 occupational licenses connected to the cannabis industry. Just for starters, you need people to farm, distribute, and sell products. Then you have a whole host of industries doing support work for the cannabis-related companies.
It boosts tax revenues. Along with the big haul state governments can make are the ways that new state money can be invested in education and business development. The potential of tax revenues is the carrot dangled before the states. With so many states in a pinch or running in the red, why would you not legalize it?
It would save law enforcement costs. Making marijuana legal means many fewer court cases and incarcerations. States that legalize marijuana would be adding millions to their coffers and subtracting millions from their wasted expenses by imprisoning people for a non-violent, made-up crime of consuming a plant. States lower their law enforcement costs substantially right off the top by removing it from the list of controlled substances.
It helps address social ills. This is another offshoot of boosted tax revenues from cannabis sales: Colorado put some of the money into a fund to help create housing programs for the homeless and address the state’s opioid epidemic.