Decriminalization of Cannabis can reduce Deficit by £1.25bn
A study has claimed that government can reduce the deficit by as much as £1.25bn by legalizing and taxing cannabis without having any adverse effects on public health. A research, conducted by the Institute for Social and Economic Research, suggested that legalizing cannabis could lead to cut the cost of policing, prosecuting and treating drug users by up to £300m a year.
Academics at the University of Essex compiled the report on legalization of cannabis. It said that there was no solid evidence found in favor of continued criminalization of cannabis. Psychopharmacological research, according to it, suggests that harm from cannabis was related to the chemical composition of the drug, so that legalizing and regulating its sale could have a control on its potency.
Anti-drugs campaigners, on the other hand, said that cannabis use could lead to harder drugs.
However, the report claimed that criminalization of cannabis encourage drug dealing, with associated economic costs.
Stephen Pudney is a lead author of the study and professor of economics at the University of Essex. He said, “Two important areas of uncertainty where progress may be possible are drug-related crime and drug demand behavior, but it would require greater sustained investments in data and research effort”.