Cannabis Legalization: The Latest Updates and Their Impact on the Industry

Published: 10/13/2023
By: Harry B. Nuggs
Mountains

Cannabis Legalization: The Latest Updates and Their Impact on the Industry

Cannabis legalization has been the point of discussion in many countries lately. States are still reviewing and debating about it to better understand its benefits to people and their country. What could be the reason why many countries have decided to legalize it? Is it really helpful for countries or they are using it as a business for their personal agenda? If you were to ask, would you vote for the legalization of cannabis in your country? Before you decide, I want you to join me in exploring the latest updates and the impact of the legalization of cannabis on the industry. 

Reclassifying Cannabis

One of the most latest and significant updates in the legalization of cannabis is the issue of reclassifying it as a lower drug. Instead of putting cannabis as a Schedule I drug which is considered the most dangerous drug with no current medical use and carries a high potential for abuse and addiction the HHS recommended that they should move it to a Schedule III drug or a substance with a low to moderate potential for physical and psychological dependence. The Health & Human Services department of the government does research about it and passes the results to the Drug Enforcement Agency (DEA), who later says that they are reviewing it already. DEA will have the final authority to make any changes to marijuana’s scheduling, and it will go through a rulemaking process that includes a period for the public to provide comments before any scheduling action is finalized.

Health and Suicides

The study of Anderson et al., (2014), “Medical Marijuana Laws and Suicides by Gender and Age”, stated that medical marijuana can be used to cope with stress and can be an effective treatment for bipolar disorder, depression, and other mood disorders. To support this ScienceDirect study, participants reported an 89.3 percent reduction in their depression symptom ratings. According to that same data, anxiety rates went down in 93.5 percent of tracked sessions—not to mention a safer alternative to alcohol.

Crime

Concerning cannabis and crime, many studies discussed mixed results. Opponents of the legalization of cannabis propose that cannabis can increase the number of crimes. While the advocates of cannabis argued that crime is reduced when they start legalizing marijuana. As a result of this, many countries can’t decide if they will legalize cannabis or not until they ensure the safety of their people.

Job Creation and Income

The legalization of cannabis can also create jobs for people who don’t have work and help them earn money. According to data compiled by Leafly.com and Whitney Economics, the countries that approved the legalization of cannabis in the industry added over 100,000 new jobs in 2021 and now employ over 428,059 full-time workers. California remains the nation's leading cannabis employer, with $5.1 billion in 2021 sales supporting 83,607 jobs. 

Investment Opportunities

Investors who are ready to take risks have a lot of chances now that cannabis is legal. Cannabis manufacturing and cultivation is one of these possibilities. Due to the increased demand for marijuana due to cannabis legalization, there has been significant growth in marijuana production facilities or farms, which yields impressive returns for investors. 

Conclusion

In reviewing the legalization of cannabis, we have a lot of things to consider including the impact of it in industry and the possible effect on the people. The legalization of cannabis provides a lot of opportunities for people. It created jobs, and investment for investors, and even saved people from taking their own lives. However, challenges remain, and continued efforts are needed to address them all. Overall, the trajectory is positive, and cannabis legalization is expected to bring even more benefits to the industry and society as a whole. 

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