The British government is urged to legalize cannabis and follow Canada’s lead in legalizing marijuana.
The Institute of Economic Affairs (IEA) has requested the British government to legalize cannabis, describing the current status quo as failing.
So far, the IEA has been able to report that the black market in Britain is accumulating approximately $3.5 billion a year in profits.
The head of lifestyle economics at the IEA, Chris Snowdon, stated its time to reform cannabis.
“It’s high time for reform of cannabis policy in the UK,” he said, citing how “Canada and the USA are showing the way.”
“Done properly, the legalization of cannabis is a win-win-win: criminals lose a lucrative industry, consumers get a better, safer and cheaper product, and the burden on the general taxpayer is reduced.”
He explained that the criminalization of cannabis has opened up space for the black market to produce dangerous cannabis products. In addition, the current criminalization is placing a burden on the justice system and health services, he added.
It is estimated that there are currently over 3 million marijuana users in the UK, which has a population of about 66 million people.
Sajid Javid, the Home Secretary, has already begun a review of medical marijuana. The IEA believes that if cannabis is legalized, it will be a great source of tax income.
It would also provide jobs in the country and be able to create new businesses.