Economics of Legalization of Marijuana in Indiana

Abstract

In today’s political and social climate, legalizing and removing marijuana from the Schedule I federal list of controlled substances has been a major topic of discussion across the United States. As more states pass legislation to legalize marijuana, whether it be for medicinal or recreational means, a market is being created that has economically valuable possibilities that include increased funding for schools, state infrastructure, and increased budgets for state and local governments. This research seeks to highlight the economic effects of legalizing marijuana in Michigan and connect the exponentially growing Cannabis tax revenues, and compare them to Indiana’s prohibitionary laws. Beginning with recent announcements by President Biden, followed by the history of marijuana, into analytics; where states have quantifiable evidence of the benefits of marijuana legalization. An analysis will decide the economic benefits for Indiana, resulting in taxation being more valuable. As marijuana legalization occurs in more states, the impact legalization potentially has on both state and national economic and societal gains is worth examining.