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Cannabis tax revenue could add up to £1 billion in the UK

While Brexit continues to overshadow the UK’s economy, a solution – in the form of a developing cannabis industry – may offer the country some prospect of future hope. That’s the thinking being advanced by a right-wing think tank on the subject.

Christopher Snowden, the head of lifestyle economics at the Institute for Economic Affairs, believes that if cannabis was legalised in the United Kingdom it could create around £1 billion for the economy. He says that this move is inevitable, just last year it was legalised in Canada and measures are being taken elsewhere for people to have greater access to cannabis. Perhaps a more pressing reason for legalisation though is just how much it will increase the tax revenue. “We’re making something like £200m from the sugar tax, we could be making a billion pounds at least in various different taxes related to cannabis.”

Cannabis_Revenue

“You’re giving people a safer form of the drug and your not having to throw people in prison policing a prohibition that has never worked and never will work.” Last November, medical cannabis was legalised but since that time there have been very few prescriptions made out by the NHS. Reasons for this hesitancy or refusal to prescribe medical cannabis vary between different doctors and nurses, but for the patients who need the treatment, it amounts to the same thing.

Learning from other countries

With many states in the US, and other EU countries, legalising cannabis and amending their own laws it is apparent that a sea change coming. The impact the legalisation has provided in other jurisdictions is undeniable, according to Mr. Snowden, and shows that it can work.

Also Read:  Currently Germany has the largest medical cannabis industry in Europe

Jon Cosgrave

Jon is a content writer and copywriter. When not grappling with words, he grapples at jiu-jitsu. His fingers are in constant agony.

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