The Economic Impact Of Legalizing Cannabis Sativa In Ireland

Potential for Enhanced Tax Revenues

The topic of this research is the economic impact of Cannabis Sativa on the economy of Ireland. Cannabis Sativa, which is the scientific name of Marijuana, can be defined as a herbaceous flowering plant whose origin was in Eastern Asia. Marijuana contains a chemical known as Tetrahydrocannabinol (THC) that has been found to block the memory formation of the brain. Besides that, THC also regulates balance, coordination, posture and reaction time of the individual who has consumed it. For these negative impacts of the herb, the government of majorities of the countries across the world along with Ireland has banned the herb. However, several positive impacts of marijuana have been found in terms of medical purposes. Besides that, marijuana has the potential to impose several positive impacts on the economy of the country. Several countries of the Carrabian Island including Jamaica and Alaska has legalized the consumption of Marijuana for economical purpose. However, in Alaska, the consumption of the mentioned drug has been limited to one ounce per individual per day. According to the government of Alaska, legalization of Cannabis Sativa has imposed a highly positive impact on their economy. Along with that, the drug has shown potential to recover healthcare service users who are suffering from depression and other psychological issues. It has been reported that better than expected sales of Marijuana in Washington and Colorado in the year 2016 has resulted in buoyant tax revenues.

The aim of this research paper is to investigate whether the legalization of marijuana would be good for the economy of Ireland or not. The objectives of the research paper include:

1. Analysis of the benefits of marijuana on the economy of the countries that have legalized the mentioned drug
2. Identification of the potential risks of legalizing Marijuana

 What will we know once you have completed the research that we do not know now?

Considering the fact that very few numbers of research papers have been conducted on the impact of legalizing Cannabis Sativa on the economy of Ireland, this research will help the readers to understand the potential of marijuana to enhance the economy of the mentioned nation.

As being discussed earlier, the high sale of marijuana has enhanced the tax revenues of several countries across the world. According to researchers, the government of Ireland can ensure a big hike in the tax revenue by legalizing cannabis. Several pharmaceutical business owners are found are found to have earned a huge amount of money within a very short period of time (Hajizadeh 2016). Considering the fact that cannabis is not a legalized product, the cost of medal cannabis products are too high for middle-class health care service users residing in Ireland. In addition to this, to retain their enhancement in the revenue, the pharmaceutical industries are showing vested interest to ensure that cannabis is not legalized in the nation. According to the researcher, the government of Ireland has overlooked and stimulated the creation of a black market and desolated taxation by making Marijuana illegal (Stone 2014). It is expected that the nation will be able to enhance its yearly tax revenue by 200 million dollars once Cannabis sativa get legalized. Considering the fact that the economy of Ireland is going through a gradual decrement after the recent recession, this increment in tax revenue is expected to be highly beneficial for the economy of Ireland. In Colorado, where usage for cannabis has been legalized for medical as well as recreational purposes, an anon-hallucinogenic component of Cannabis Sativa, known as CBD are used to treat children with epilepsy or other psychological issues.

Job Opportunities

When it comes to legalizing cannabis for enhancement of economy of a nation, several advantages, as well as disadvantages, can be pointed out. The first and the most lucrative advantage of legalizing marijuana in Ireland includes enhancement of its tax revenues. For instance, in the year 2015, Colorado has been found to enjoy more than 135 million dollars in tax and fee on medical and recreational marijuana. Sales in the state totalled over $996 million (Glauser 2012). The second advantage of legalizing cannabis Sativa includes more job facilities for the residence of Ireland. Several states have set up Marijuana nurseries as well as dispensaries for treating healthcare service users. This, in turn, has not only created job opportunities but has also imposed a direct impact on the economy of the nations.

 Some of the business disciplines associated with the legalization of cannabis sativa include:

1. The consumers should maintain their production process as per the regulations regarding any pesticides, fungicides, fertilizers, and other artificial solvents that could be sustained on the flowers even after the process of cultivation.
2. Potency and dosage of the product must be stated on the packet for novice consumers.

The beneficial and useful medicinal properties of Cannabis, specifically for pain release have been acknowledged in several studies. In recent times, the number of nations have introduced certain significant regulations and programs in order to permit patients to utilize marijuana in several forms to mitigate the symptoms of a wide range of severe and disabling diseases. It has been noted that an estimated rate of over 125 million to 190 million people across the world utilization since 2010 (Ammerman et al. 2015). Such consumption has its occurrence while the supply and the custody of cannabis that has remained illegal despite certain jurisdictions that have further introduced supplementary policy strategies such as de facto directive in Ireland. However, the promotion of legislation of Cannabis has been well-observed along with the conflicting statements that stated the continuance of the criminal status of marijuana facilitates several criminal activities and further demands contact with illicit drug suppliers resulting to the individual possession of certain amounts of cannabis further resulting to severe losses in taxation and enforcement expenditure (Bifulco and Pisanti 2015). Several studies have demonstrated the requirement of a methodical and organized assessment of drug policy options as well as its relevant outcomes. It is further to note that the significance of the role of economic observation has revealed no significant expenditures and advantages of one legal alternative over the status quo. Previous research had also assessed the selected results of a policy change. For instance, the cost effects on the criminal justice system, growth in taxation revenues, along with the effect on the educational accomplishment. However marijuana supports claim that marijuana levy licensing as well as the industry could facilitate more revenue generations  in comparison to $8.5 million in government revenue (Lynne-Landsman et al. 2013). In addition to this, tax revenue protuberances are essentially indecisive as they are reliant on disputed assumptions about the indefinite effect of black market supply on consumer stipulation in regulated markets. Furthermore, it must be noted that direct expenditures of exercising regulation reforms legalizing will result to the increase rate of marijuana consumption whereby this rise will have direct financial cost in relation to healthcare, social services as well as criminal righteousness (Ghosh et al. 2016). However the current expectancy of entries in marijuana demand relies on the nations like Netherlands, Ireland and other regulated foreign markets whereby adequate information exists in order to obtain the increasing rate of marijuana that is for example the sensitivity of consumption rates to the shift in the price range. Several studies demonstrate that the legalization of marijuana preserve for the expenditure in order to update and reinforce drunken driving regulations as there has been sufficient confirmation that frequent consumption of such drugs before driving may lead to severe accidents (Crowley et al. 2017). However  it is significant to state that the regulation for drinking and  driving rules,  there can be an increase in the courts expenditures responsible for the due procedures issues that have been raised by the conjecture that the continuation of marijuana metabolites in an  individual’s bloodstream are referred as the evidences  of intoxication.

Advantages and Disadvantages of Legalizing Cannabis Sativa

It is to be noted that the cost benefit analysis has been conducted in a normative structure which has explicitly explaining the expenditures and advantages of social regulation across several domains. The fundamental concept of CBA positions in the idea of Pareto optimality that is regarded as no individual should be ill-treated under any alternative regulations. For a section of individuals in the society, greater amount of harm of ill-treatment may result from a policy amendment; while for the other sections it would reduce the efficiency would reduce (Ammerman et al. 2015). The collation as well as valuation of expenditures and benefits in the CBA facilitates the comparison and positioning of the outcomes of several various policy options (Anderson and Rees 2014). It is further to note; the two policies evaluated are known as current policy (status quo) in Australia and a structured and improved systematic-legalized policy. The varying concept of Cannabis across the European region, there is a requisite of selecting single jurisdiction has received immense recognition (Crowley et al. 2017). It is significant to note, that in recent times, several nations have introduced certain significant laws and patients to utilize cannabis preparations in several forms in order to reduce or further mitigate the symptoms of several diseases. Netherlands has gained immense recognition because of the use of enduring usage of cannabis for both medicinal as well as recreational purposes, whereby physicians have been able to prescribe the marijuana use for patients.  

Although the legalization of cannabis has been gathering immense acknowledgement from several parts of Europe, the Government of Ireland is still dealing with certain debatable arguments based on the de facto decriminalization of the drug as well as its codification for medical purposes. With the growing prevalence of cannabis as an illicit drug being used across the world, the United Nations Drug Conventions since past few years have been encouraging the prohibitionist approach and further require participants in order to effectively exercise the control of marijuana that has been considered as a lawful offence under their domestic regulations (Lynne-Landsman et al. 2013). However, the role of using cannabis has been developed with the considerate usage of illicit drug consumption. However, a section of policy-makers have contradicted such approach by further disagreeing that the act of criminalization of marijuana in Ireland can result in a high-priced as well as unproductive  availability or usage regardless to the fact of its critical monetary expenditure (Ghosh et al. 2016). However, data have been gathered from previous researches that some jurisdictions in Ireland along with other regions of Europe have been efficiently encouraging and at the same time developing a wide range of officially regulated marker models for recreational usage of these drugs. It has also been observed from few studies that chronic usage of marijuana in particularly among the adolescents and further persisting into the stage of adulthood has resulted its consumers to be exposed to greater risks of developing disorders that may be further lead to severe cannabis dependence syndrome, issues related to cognitive development along with neurodevelopmental problems in relation to other frequent consumers (Anderson and Rees 2014). At this juncture, it is significant to note that persistent cannabis consumption results in causing impairments or disorder related to the mental health conditions of users. Drawing evidence from other developed nations like the USA, investigations of legalization of marijuana have assessed that the usage or rather consumption of cannabis further known as marijuana evaluated between states revealed increased rate of cannabis usage in states that has supported legalization than the other states. However, similar studies have observed that chronic marijuana utilization has been correlated to decreased rate of academic accomplishment, work performance along with social functioning in terms of relationships whereas severe marijuana consumption has exposed traits related to impairment or difficulties in driving competency. Enduring usage of marijuana in the states where it has been legalized has further caused to the declined movement of social class movement, along with a dose-dependent life with regards to severe economic challenges (Ammerman et al. 2015). It is essential to note that states which have embraced the legalization of cannabis or marijuana undergo more situations of cannabis-centric losses that have resulted because of the increased exposure of such drugs to children or minors along with cases of damaged or weakened decision-making procedures while dealing with severe intoxication (Bifulco and Pisanti 2015). For instance, when Colorado encouraged the legalization of marijuana there had been a rise in emergency room appointments provided for cannabis intoxication syndromes, burns and injuries related to marijuana consumptions along with severe cyclic vomiting and anxiety syndrome(Pacula et al. 2015) As a result, these syndromes have also led to the rise of life risking accidents and vehicle collisions due to high rate of intoxication and have established limitations related to degree of intoxications in order to provide proper safety and protection to the citizens.

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References 

Ammerman, S., Ryan, S., Adelman, W.P. and Committee on Substance Abuse, 2015. The impact of marijuana policies on youth: clinical, research, and legal update. Pediatrics, 135(3), pp.e769-e785.

Anderson, D.M. and Rees, D.I., 2014. The Legalization of Recreational Marijuana: How Likely Is the Worst?Case Scenario?. Journal of Policy Analysis and Management, 33(1), pp.221-232.

Bifulco, M. and Pisanti, S., 2015. Medicinal use of cannabis in Europe: the fact that more countries legalize the medicinal use of cannabis should not become an argument for unfettered and uncontrolled use. EMBO reports, p.e201439742.

Cerdá, M., Wall, M., Keyes, K.M., Galea, S. and Hasin, D., 2012. Medical marijuana laws in 50 states: investigating the relationship between state legalization of medical marijuana and marijuana use, abuse and dependence. Drug & Alcohol Dependence, 120(1), pp.22-27.

Crowley, D., Collins, C., Delargy, I., Laird, E. and Van Hout, M.C., 2017. Irish general practitioner attitudes toward decriminalisation and medical use of cannabis: results from a national survey. Harm reduction journal, 14(1), p.4.

Ghosh, T., Van Dyke, M., Maffey, A., Whitley, E., Gillim-Ross, L. and Wolk, L., 2016. The public health framework of legalized marijuana in Colorado. American journal of public health, 106(1), pp.21-27.

Glauser, D., 2012. The economic effects of legalizing marijuana. Senior Honors Thesis Submitted to the Faculty of the University of Utah.

Hajizadeh, M., 2016. Legalizing and regulating marijuana in Canada: review of potential economic, social, and health impacts. International journal of health policy and management, 5(8), pp.453.

Lynne-Landsman, S.D., Livingston, M.D. and Wagenaar, A.C., 2013. Effects of state medical marijuana laws on adolescent marijuana use. American journal of public health, 103(8), pp.1500-1506.

Pacula, R.L., Powell, D., Heaton, P. and Sevigny, E.L., 2013. Assessing the effects of medical marijuana laws on marijuana and alcohol use: The devil is in the details (No. w19302). National Bureau of Economic Research.

Pacula, R.L., Powell, D., Heaton, P. and Sevigny, E.L., 2015. Assessing the effects of medical marijuana laws on marijuana use: the devil is in the details. Journal of Policy Analysis and Management, 34(1), pp.7-31.

Stone, D., 2014. Cannabis, pesticides and conflicting laws: The dilemma for legalized States and implications for public health. Regulatory Toxicology and Pharmacology, 69(3), pp.284-288.

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