Monday, November 4, 2013
Marijuana Market Poised To Grow Faster Than Smartphones: Report
http://www.huffingtonpost.com/2013/11/04/marijuana-market_n_4209874.html. Due 11 Nov 2013. What are the economics implications of a growing marijuana market. Include comments on: federal tax revenue, law enforcement employment, reduction of price, prison costs, and blackmarkets......
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One of the economics implications of a growing marijuana market is it's growing at a rate poised to outpace the expansion of the global smartphone market. In 2010, state and local law enforcement made 97 percent of the more than 800,000 marijuana -related arrests nationwide. Medical Marijuana is currently legal in 20 states and the District of Columbia. Even in states that permit marijuana use, cannabis remains illegal at the federal level, and the Controlled Substance Act classifies marijuana as having no medical value. Entrepreneurs and private investors are flocking to cannabis markets. The federal government could attempt to seize marijuana tax revenues on the grounds that they are the proceeds of illegal sales. The federal government could also use the threat of seizing tax revenues to pressure the legalizing states to prevent "exports" to other states, to keep prices high and to forbid commercial marketing.
ReplyDeleteThe economics implications of a growing marijuana marketis the fact that it is among the fastest-growing markets in the United States, and statistics show that $1.43 billion worth of legal marijuana, will be sold in 2013. Also, it predict to grow by 64 percent ,to $2.34 billion next year, which outrate the epansion of global smartphone market by 18 percant or more.
DeleteThe economic implications of a growing marijuana market would include the growth of federal tax revenue. With this growth in federal tax revenue it will allow the debt to seize in size over time. According to the article the $2.34 billion expected revenue intake will be subjected to the market of legalized marijuana alone. Also in prior years, the law enforcement employment has been breaking down on the use of illegal usage of marijuana, with this growing market I feel as if the law enforcement employment will decline in the number of employees due to the acceptance of the use of marijuana in majority of the USA. With this market it will also reduce the price of marijuana dramatically as of now the black market for marijuana has a substantial profit, if Florida in particular adopts the acceptance that will reduce the profit made in the black market. Since more people will engage in this business the price will be leveled. And lastly the prison costs will also decrease due to the non-future inmates who will “supposedly” be convicted of possession of marijuana, which will no longer exist.
ReplyDeleteActually, the growing of marijuana market has its pros and its cons. Some pros are that there could be less danger since marijuana is considered less dangerous than other drugs. There are medical benefits especially for cancer patients. Also, the tax revenues would increase for states who legalized it. Plus, the prison system would be reduced. Some cons would be that there will be too many people taking advantage of the fact that it's legal so they would become addicted to it as a consequence, furthermore young children will want to try it too. Also, there would be way more driving accidents. I think demand would increase and supply would decrease, and prices of marijuana would decrease but there wouldn't be enough for everybody. Imagine the chaos!
ReplyDeleteAccording to the article: "This industry is professionalizing and seeing an influx of professionals from other industries," he said. "More and more investors are coming in and financing these businesses, which have more and more markets to serve." Therefore, a lot of people would be going into black markets. Taxpayers would have to pay a fortune but the legalization of marijuana would create more jobs. Legalized marijuana would make more tax revenue than illegalized marijuana. As I said before, a growing marijuana market has its pros and cons.
The economic implications of a growing marijuana market include the growth of federal revenue due too the fact that it is one the fastest growing market in the U.S. According to the article.43 billion worth of legal marijuana will be sold in 2013 which will generate money to the federal government, alltough marijuana is not legal in their state. if marijuana is legalized in the whole country pridson costs will decrease because a lot of people would possess it llegally. since the indutries of marijuana is b;lloming a lot of investors are competing for it and looking forwad to finance it to benefit big time of it. that is where the balack market comes in. the availability of ma\rijuana would cause its price to go down, making it more accessible to the public.
ReplyDeleteGrowing marijuana has both pros and cons for the economy. First, its market growth is one of the fastest and will bring an extremely high profit into the economy. It will allow for cancer patients to receive marijuana faster than they would normally. We would save money by not having to spend money on law enforcement prohibiting marijuana, which means we would not be placing those who have been caught with marijuana in their possession into jails which also saves money. Cons would be that teenagers will be more willing to try it because it does not have any consequences from the law. This may also affect driving accidents with people being under the influence of marijuana and impair their driving.
ReplyDeleteGrowing marijuana will be a good thing but also a bad thing for many reasons. Since it will be legal many teenagers will be tempted to try it and it could make more fatal incidents or more car accidents because of driving under the influence. On the other hand, It will be used a lot if legalized, which means that it will being a ton of money into the economy. Money wont be spent on things to help the officers or whoever find illegal marijuana plants, people wont be put into jail anymore for marijuana, and lots of money well be saved.
ReplyDeleteGrowing marijuana has both pros and cons for the economy. its market growth is one of the fastest and it will bring an extremely high profit into the economy.It'll allow cancer patients to better conform with their illness. We would save money by not having to spend money on law enforcement prohibiting marijuana, which means we would not be placing those who have been caught with marijuana in their possession into jails which also saves money. Cons would be that teenagers will be more willing to try it because it does not have any consequences from the law. Marijuana can do good things for the people and bad.
ReplyDeleteThe economic implications of a growing marijuana market would include the growth of federal tax revenue. The markets for marijuana would be heavily taxed, According to the article the $2.34 billion expected revenue will come from legalized marijuana, with that amount if money being taxed the government will making a lot of money. Currently law enforcement is strict about the use of the drug in states where it is legal. If it is legalized crime rated would drop because having small amounts of marijuana won’t be a crime, the need for a large law enforcement force would go down because less cops would be needed. Legalizing it will also reduce the price of marijuana and lower its demand in the black market. Since more people will be selling legally the price will be leveled. In addition, the prison costs will also decrease due to the fact less people would be sent to jail fro having the drug.
ReplyDeleteThe economics implications of a growing marijuana market are evident. Not only is this market going to grow at a fast rate, but it will bring a high growth in tax revenue for the United States. In reference to the article, legalizing marijuana alone will bring a $2.34 billion revenue into our economy. Also, law enforcement employment is likely to decrease because many officers, deputies, etc, more likely will not agree to the legalization of marijuana. The growing marijuana market will also reduce the price of marijuana itself because of its widespread availability; which leads to the issue of black markets. The profits made from individuals in the black markets will substantially decrease because it will now be easier to cheaper to obtain in the economy.
ReplyDeleteThe marijuana market could have both positive and negative impacts on the economy. Its market growth could bring high profits for the economy. We could also save money by focusing law enforcement efforts on things other than confiscating and prohibiting marijuana, which would also remove many people from jail, and would bring the size of certain areas of law enforcement down, although a negative effect of this would be that some people may lose jobs. Cancer patients would also benefit from this, as they would receive marijuana sooner as it would be easier and faster for them to obtain. Some negative effects would be that more teenagers will have access to it and smoking would be promoted since there would be no law against it. The price of marijuana would also go down, as would its demand in the black market.
ReplyDeleteThe economic implications of the marijuana market would be exponential federal tax revenue in it to be made. The markets for marijuana would be taxed heavily, According to the article, approximately $2.34 billion expected to be made in the marijuana market. With so much revenue, the federal government is expected to make a lot from taxation of that market. Law enforcements enact harsh laws and punishment for states marijuana is legal for medical purposes only. If marijuana would be legalized for medical and recreational use, crime would decrease drastically. Reducing the requirement for so much law enforcement.Prices will balance out across states and reduce black market purchase of it. Legalization will ultimately decrease prison cost due to fact less people are being thrown in prison for the selling of marijuana. Marijuana market overall has its benefits and large profits to be made.
ReplyDeleteThe economic implications of the marijuana market would be exponential federal tax revenue in it to be made. Legalizing marijuana alone will bring a $2.34 billion revenue into our economy. With so much revenue, the federal government is expected to make a lot from taxation of that market. If it is legalized crime rated would drop because having small amounts of marijuana won’t be a crime, the need for a large law enforcement force would go down because less cops would be needed. Since more people will be selling legally the price will be leveled. In addition, the prison costs will also decrease due to the fact less people would be sent to jail fro having the drug.
ReplyDeleteThe economic implications of the marijuana market would be the amount of federal tax revenue that would be saved and the amount that would be made. According to the article, about $13.7 billion dollars is used on prohibition enforcement. There would be less arrests made, less prisoners, and the black market for marijuana would become almost nonexistent eventually. Less crimes would be committed and there would be a lower need for police officers. Marijuana would become cheaper, but there would still be a high amount of revenue to be made for the government and individuals who are entering in to the market.
ReplyDeleteA legal marijuana market would both save and make money. In the article it states that the federal government spends almost 14 billion dollars a year on marijuana prohibition, add that money with the large amount that would be brought in to the government from taxes, and marijuana makes for a very profitable market.
ReplyDeleteAn economic implication of having the marijuana market would increase the growth of federal tax revenue, because its a fast growing market. A positive thing of legalizing marijuana, it will help many patients that are in need of this particular therapy. The possession of small amount of marijuana will not be a big issue, for where it is legal, the imprisonment of this possession will decrease. Since many more states are legalizing marijuana the price of it will drop. Since it will no longer be illegal, to a certain point, it will be easier to buy. Prison costs will drop since, not many people will be imprisoned, due to the legalizing medical marijuana. Not many arrests will be made for having the small amounts marijuana. The black market will disappear, since the availability of getting it is easier and cheaper.
ReplyDeleteThe economic implications of a growing marijuana would increase the federal tax revenue. The article states that about $2.34 billion revenue will come from legalized marijuana, which will be really good for our economy, because the marijuana market will be taxed heavily. However if marijuana is legalized prison cost will drop because there won't be as many people in prison, less crimes will be committed and many officers will lose their jobs because they won't be needed. Also the black market will practically disappear because of the lower demand for marijuana in the black market. Therefore legalizing marijuana has it's pros and cons.
ReplyDeleteLegalizing marijuana has its pros and cons. It's economic implications of growing would be the increasing growth of federal revenue. Legalizing marijuana will help build the economy and it will fund for many things we need. I believe that legalizing marijuana is a good thing for helping those with a disease such as helping tolerate cancer or glaucoma. Holding marijuana in small amounts shouldn't be a problem. By legalizing marijuana there will be less people in jail, which means that our taxes may lower since we won't be paying for people to be in jail. Legalizing it will also reduce the price of marijuana and lower its demand in the black market. Marijuana is something that should be legalized but not taken advantage of. I hope that when marijuana does become legal in Florida that it helps our economy.
ReplyDeleteThe economics implications of a growing marijuana market is it will be bringing in more money to the economy by the government taxing it. But it also has its cons like kids using it in the wrong ways, being stupid about it. yet it could reduce the crinimal crimes related with marijuana. We wont have to pay as much taxes to prisons. Law enforcement employees might feel that legalizing it would be a good thing because they have limited resources, and spending them on marijuana arrests will divert them from other policing. They spend so much time on arresting kids mostly for this drug when they could be attending much more serious 911 calls. Yet marijuana is a relatively harmless drug, the black market associated with it can cause significant harm to our economy. Much like the prohibition of alcohol, marijuana's illegality does not erase the profit incentive it establishes a risky, unregulated market in a sense. So legalizing this drug could have its goods and bads.
ReplyDeletecultivating marijuana can have a postive effect and also a negative one too for many reasons. Since it will be legal many young people will be tempted to try it and it could make more accident because of driving under the influence. On the other hand, It will be used a lot if legalized, which will lead to a large profit for the u.s. Money wont be spent on things to help the officers or whoever find illegal marijuana plants, people wont be put into jail anymore for marijuana, and lots of money well be saved.
ReplyDeleteLegalizing marijuana will mostly benefit us than the sales of smartphones. Cannabis is one of the fastest growing industries. Smartphones is growing at an annual rate of 7.3 percent while marijuana will grow by 64 percent within the next year. $2.34 (in billions) will be funded and that will help our economy prosper. Legalizing marijuana leads to less people in prison. This will make some people lose jobs, however, the fund of marijuana will compensate for what we lost. By 2018, $10.2 billion will come from the use of marijuana.
ReplyDeleteWhen we legalize marijuana, our main focus will no longer be teenagers using it. Our focus will be shifted towards more crucial topics such as law enforcement.
There are many economic implications due to legalizing marijuana. By leagalizing it for recreational use, it could create an extra $10.2 billion for the market by 2018. More money will be able to be spent on other things in the economy because legalizing marijuana will drop the prices for it. Also, $1 Billion will be saved annually because cops don't have to catch people smoking weed to arrest them; the jail cells can be used to hold the real dangerous criminals like mass murderers. Either black markets will slow down, or they will still find something else to sell. Usually people are attracted to something because it is illegal for them; but marijuana's industry is so huge that the amount black markets might actually diminish.
ReplyDeleteThe economics implications of a growing marijuana market is a high income of tax revenue for state and federal governments alike. Now, a number of factors would have to determine the approximate revenue but analysts predict about $8.7 billion in tax revenue. Additionally, the U.S. would save about $12 billion per year due to not prosecuting marijuana offenders. However, there are cons to legalized cannabis. For example, marijuana being a potential gateway to other malicious substances, such as alcohol or harder drugs.
ReplyDeleteThe economic implications of a growing marijuana market consist of the amount of federal tax revenue that would be present. As seen in the article, legalizing marijuana will bring a 2.34 billion revenue into the economy. Thus it would result in a high growth in federal tax revenue. When talking about the law enforcement employment, there will surely be a decline because of the amount of employees that are against the legalization of marijuana. Prison costs will also decrease because those that are convicted of the usage of marijuana will no longer exist as a crime. In terms of the black market, there would be a profit for the black market because the price of the substance will go down. Therefore with the reduction of prices in marijuana the black market develops a profit.
ReplyDeleteThe Economics benefits of having Mary Jane or marijuana is having a lot of money coming in to the states and i they will be less people in jail so that prison will not be overcrowded, It seems that many people are changing their view on marijuana and agree that it should be legal for medical and recreational purposes so more people will be buying this drug for this reason. it already had made 1.43 billion dollars in some states.
ReplyDeleteThe economic implications of a growing marijuana market are an increased amount of tax revenue through high excise taxes placed on Marijuana to go with the huge almost $10.2 Billion in sales expected to be reached by 2018. This also causes less arrests, as much of the arrests on a daily basis are related to drug usage and possession, and will allow prisons to spend less money on law enforcement officers, and have less prisoners. Furthermore, it should remove the black market for Marijuana as prices are a lot lower once you can purchase marijuana from growers rather than local drug dealers.
ReplyDeleteThe legalization of Marijuana would come with lots of economical benefits. Being able to grow and sell it will expand the industry and bring in more money from excise taxes. However I see it as a path to social decay. Recreational use will become even more common even though it weaknends the black market. Will keep more people out of jail and save police officers from writing reports on pot heads instead of catching killers.
ReplyDeleteThe benefits economically of having marijuana legalized will be that a lot of money will be circulated within the united states there will be less people imprisoned. the prison system will no longer be overcrowded, it will destroy the majority of the black market and the drug cartels. With the legalization of marijuana people with diseases(such as testicular cancer) who needs it to ease the pain will have access to it legally. Law enforcement will no longer need as many officers on duty because they dont have to go chasing kids who sell marijuana.
ReplyDeleteThe economic implications of legalizing marijuana is that it would create a large amount of tax revenue for the federal government of about $2.34 billion and about $10.2 by 2018. Another benefit of legalizing marijuana is that it would make the prices very low due to the fact that there will be many plants begin grown. Also the government would save around $1 billion dollars annually on prison costs because there will be no more arrests of those who use,smoke. or sell marijuana. Law enforcement employment will decline because many of the workers do not want to see marijuana being legalized. The black market for marijuana will most likely slow down because if it is legalized people can by it legally and for a lot less money, but the black market might find a way to still make money by selling something else.
ReplyDeleteThe legalization of marijuana can cause good thing and bad things. But, you have to ratify which is bad and which is good. For example, the legalization will cause the US economy to skyrocket due to high demand for the substance. But, on the other hand the bad (which is a good in this case for me) is the amount of accidents and person injury will go up. This will cause insurance to go up (if you are a teenager) and lawyers and physicians will get payed more due to the legalization of marijuana.. Also, if marijuana is legalized, the black market will plummet. But they black market will find another way to make money in some way other then selling dope.
ReplyDeleteThe leaglization of marijuna will make and save money for the us goverments. The goverment wont have to spend so much on the prison and courts. The would also be able to heavily tax iy for a large fedral revune and it also keeps people away from the blackmarkets.
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