By Priest Willis
- States where marijuana is legal show a significant rise in revenue collection from cannabis taxes
- CBD industry could reach $22 billion in market size by 2022
It’s no secret the “War on Drugs” was ultimately waged on people of color and now that laws are changing, those very same people are falling behind in what’s quickly becoming one of the fastest economic booms of all time. As of today, there are over 14 publicly traded marijuana companies with one of the most well-known being the Cronos Group (CRON +3.87) that has a market cap of $5.7 billion. With billions of dollars on the line, was this ever really an issue of what was good for you and society?
Why This Matters: There’s a lot of money at stake and research firm Brightfield Group, recently raising its projections for the CBD industry, finding it could reach $22 billion in market size by 2022. States where marijuana is legal show a significant rise in revenue collection from cannabis taxes. So with proper reform systems, there’s bound to be a leap in economic growth due to extra revenue sources.
With proper reform systems, there’s bound to be a leap in economic growth due to extra revenue sources
In a world where cannabis and CBD use for recreational and medical purposes is evenly spread across ethnic groups, significant statistics depict disproportionate arrests. For example, in New York alone black people are eight times more likely to be arrested than whites. The 2018 First Step act is an example of fundamental justice reforms aimed at reducing repeat offenses and time spent in prison and could help level the playing field for convicted drug offenders.
Situational Awareness: The next Congress should be leaping at every opportunity to bring reforms to the current war criminalizing marijuana and CBD use. Here’s what reforms could mean: lesser budgets allocated to cannabis criminalization, regulation, and enforcement. Also, it could alleviate the larger population of the tax burden. Equity in society is crucial for better living environments and will change the tide in law enforcement.
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