While the members of United Kingdom’s Parliament are currently busy debating whether or not to legalize cannabis consumption in their country, a professed secret study regarding tax revenue the country stands to generate from said legalization has been revealed.
The study in question, which was reportedly conducted for the UK’s Treasury, has concluded legalizing cannabis would raise tax revenues worth hundreds of millions of pounds and produce significant savings for the country’s criminal justice system.
According to research from the University of Essex’s Institute for Social and Economic Research (ISER), a regulated cannabis market for England and Wales could raise anywhere between 400-800 million pounds annually in additional tax revenues.
In addition to the tax revenue revelation, ISER’s study divulged 216 tons of cannabis was consumed in the United Kingdom in the past year and that 2.2 million people aged 16 to 59 are thought to have smoked/consumed weed in that timeframe, which would make marijuana the country’s most widely used narcotic.
Regardless of the report’s findings, UK’s government claims they have no plans of liberating the nation’s current drug policy.
The call for the subject of weed legalization to be debated by UK’s Parliament was raised via a petition that received over 200,000 signatures.
What will UK’s Parliament ultimately decide in respect to legalizing weed for recreational consumption?
Only the shadow knows. Muah, ha, ha!
Be sure to keep your cursor parked right here at The 420 Times for any updates regarding this issue.