Exploring The Economic Benefits Of Legalizing Marijuana In Virginia

Intro:

There are quite a few economic benefits to legalizing marijuana.

And nowhere is this more true than in the state of Virginia.

With that being said, legalizing marijuana tends to have similar benefits no matter where the laws are passed.

So in this blog post, you’re going to learn how legalizing marijuana has helped economically in the state of Virginia.

You’re also going to learn some of the upsides to marijuana legalization in general, to understand the economics of the process and how it can be helpful to the states that pass laws to make it available.

Let’s dive into it.

1. The Basic Overview

From an economic perspective, there are a few different benefits to legalizing marijuana.

First and foremost, there’s the benefit of increased tax revenue.

Whenever you legalize something that you can tax… something that has a relatively high demand among the population… you set yourself up to increase tax revenue to a pretty hefty extent.

And marijuana is a perfect example of this.

Due to the fact that marijuana has been legally unavailable for so long, there’s a huge market demand for it.

Thus, even if the government taxes it to a pretty high degree, people will still buy it.

And whenever people buy it, the government gains increased tax revenue from it.

And this tax revenue can be used to fund different programs that may be able to make a difference in the state in a number of different ways.

To demonstrate this, let’s take a look at how the tax revenue from marijuana sales helps the state of Virginia.

 

2. What Does The Marijuana Tax Revenue Pay For In The State Of Virginia

First of all, it’s important to note that it has been estimated that legalizing recreational marijuana in Virginia could net the state more than $300 million per year in increased tax revenue.

That’s a pretty hefty chunk of change that could be used to fund all kinds of different beneficial programs and initiatives.

So now, let’s take a look at exactly what Virginia uses their tax revenue for.

Keep in mind that recreational marijuana is a bit of a ‘new thing’ in Virginia.

Adult recreational use in Virginia became legal in July 2021. Interestingly, ever since 1979, Virginia has allowed the possession or distribution of marijuana for medical purposes.

But as for the taxes, Virginia uses a percentage of the tax to fund drug treatment centers around the state.

This is actually a fantastic and fitting way to use marijuana tax revenue—to help people who are suffering from drug addiction problems.

You could almost say that there’s a bit of ‘poetic benevolence’ in such a rule, as marijuana has, for such a long time, held a negative stigma as being a dangerous ‘gateway drug’ to other drugs (which has actually turned out not to be true, especially to the great extent that people used to claim it).

 

A note about getting a medical marijuana card in Virginia:

If you need to get a medical card in Virginia, Veriheal offers an online tool that makes this extremely easy.

Here’s how they describe it on their website:

“Talk to a licensed medical marijuana doctor in VA and get approved or your money back! Getting started only takes a few minutes. Simply sign up, answer a few questions, and schedule your appointment. Everything should be this easy.”

 

3. What Does This Mean For Residents?

This is all very good news for the residents of Virginia—especially those who either enjoy partaking in everyone’s favorite green herb or for those who require medical access to marijuana.

One of the best things about this new law is that it makes accessing marijuana extremely easy. Plus, it provides a framework where the tax revenue goes to help a good cause—so that’s also really awesome.

All things considered, there are a lot of benefits to legalizing marijuana, especially as it pertains to the state of Virginia.

There are still plenty of states that don’t allow recreational marijuana. But it does appear that the legal cannabis landscape is changing.

Perhaps soon, we’ll live in a world where every state in the U.S. allows for the recreational sale, use, and enjoyment of this ancient, yet amazing plant.

Conclusion

Hopefully, you found this blog post helpful.

There are so many benefits to legalizing marijuana, as you’ve read.

Here’s to hoping that the momentum continues!