With the election behind us, we at Clarity Finances thought that we would touch on a subject that is of personal interest rather than give you our take on the Presidential Election and cover a less talked about issue- medicinal marijuana. My interest in the subject grew after seeing how well medicinal marijuana worked for a family member of a friend of mine. With the opioid and heroine problem reaching crisis levels nationally, medicinal marijuana could be a more effective drug in terms of pain relief and many other uses like it did for my friend’s family member in their final days without all the harsh side effects of opiates.
Since 1996 marijuana has been available medicinally in the United States. This was done first in California and after Tuesday’s results, California will join the other states that allow marijuana on a recreational level. The progress of recreational marijuana is notable, but my interest lies in the substance used in a medicinal fashion.
According to mpp.org, the Marijuana Policy Project, as of today, eight states have laws that legalize, regulate and tax marijuana for adult use, while 28 states allow medicinal marijuana.
Medicinal marijuana can be used for numerous uses for things like nausea, vomiting, loss of appetite, pain from things like cancer and HIV/AIDS, glaucoma, Multiple Sclerosis, epilepsy and much more. Also available are products with CBDs or Cannabidiol, a natural occurring substance found in the marijuana plant that does not produce the psychoactive effects. CBDs can be used to help prevent seizures in those with epilepsy. More information about the use of CBDs and medicinal marijuana are available all over the internet, but for for this opinion piece I referred to the Berkley Patient Care Directive.
From a business standpoint, the possibilities are seemingly endless when it comes to the market for recreational marijuana. The states that already have recreational programs reap the benefits like an extra source for tax dollars. In Colorado, according to data from 2014 from the Drug Policy Alliance, $40 million in tax revenue was collected in addition to 11 straight months of violent crime going down.
According to Marijuana Business Daily’s preliminary estimates, the recent developments of recreational legalization in four sates and three for medicinal could lead to $7-8 billion in additional annual retail cannabis sales.
Twenty-five states and the District of Columbia already allow the use of medicinal marijuana, a list that after Tuesday will also include Florida, Arkansas and North Dakota.
Along with California, Massachusetts, Nevada and Maine also approved measures for the recreational use of marijuana. Massachusetts is the first state on the east coast to allow recreational marijuana. These states were all previously a part of the group that allowed marijuana for medicinal purposes.
While this is just the opinion of a small business owner whose normal expertise is numbers, the fact that I have a take at all shows that this is an issue that should continue to be researched, explored and discussed. If you have any personal experience like mine or just want to add to the dialogue with even a dissenting opinion leave us a comment or shoot us an email and let us know your thoughts.