There are several compelling reasons for reform. Legalisation would allow the police to focus on more serious crime. Wiping out the black market would make it harder for children to get hold of the drug.
The government would raise significant tax revenue. In a recent report for the Institute of Economic Affairs, I estimated that around 255 tonnes of cannabis were consumed in Britain last year at a cost of £2.6billion.
If this market were brought into the legitimate economy, sales taxes alone could raise £690million. New streams of income tax, VAT and business taxes would yield several hundred millions of pounds more. Meanwhile, lower prices would leave cannabis consumers with more money to spend in other parts of the economy.
But perhaps the most pressing reason for reform is to protect the mental health of those who use cannabis.
Do read the rest.
If you haven't read Joint Venture, my estimate of the size and potential of the UK cannabis market, you can download it for free here.
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