In Summary
The ripple effects of COVID-19 in the United States is something even experts cannot predict. One of the only few things that can be agreed upon ths the financial revenue that will be lost. However, some individuals believe there is a way to help states and cities rebound after the pandemic: legalize recreational marijuana. The logic behind this is how regulating marijuana would be more effective than simply raising income taxes. If the latter happens, state representatives are fearful this will drive people out of the state if they cannot afford to live their anymore.
Many states who have not legalized medical and/or recreational marijuana are are looking at states such as Colorado as a model for a program to be implemented. In 2019 Colorado raised more than $300 million from marijuana sales. More populated states such as New York have the potential to earn well over half of a billion dollars just from recreational and medical cannabis. Although some states consider cannabis a taboo topic, economic hardships may force each state’s hands in hopes of economically bouncing back when the pandemic is over.