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Voters in Washington state and Colorado recently authorized measures that lead to cannabis decriminalization, while a similar law was defeated in Oregon. Some feel it was a bad move, but decriminalizing it is set to yield some serious financial advantages.

Not legal or unlawful

Strictly speaking, legalization and decriminalization are not the same things, though many people think that they are. Granted, a lot people do not know the main difference between “you're” and “your” or at least can't demonstrate that they do.

When something is legalized, there is no regulations governing it whatsoever, whether that be personal loans, drugs or sports cars. Decriminalization is where something is not unlawful but has a lot of regulation.

Voters in Colorado and Washington state, according to the Boston Globe, have authorized measures that would decriminalize weed in those states. Voters in Oregon did not approve a comparable measure. Though a number of critics are sounding off for numerous reasons, there are some financial advantages these states stand to reap as a result.

Economy boost in some sectors

According to BusinessWeek, Washington could end up with $1.9 billion in extra tax revenue in the next five years from the narcotic while $500 million a year is to be expected, according to the Huffington Post. Over $5 million in tax advantages are seen in Colorado, which expects to save up to $60 million in tax income, according to the Huffington Post.

All of a sudden, Rocky Mountain High takes on a complete other meaning.

It's estimated that national weed decriminalization would result in a net savings of $1 billion from simply not throwing people in jail for possessing, using or selling the substance anymore. Prohibition enforcement against weed alone is estimated to cost the nation almost $14 billion per year.

Not a soul forced to use it

In both Washington and Colorado, there are still laws governing marijuana. For example, according to BusinessWeek, state-approved stores are the only ones allowed to sell the substance.

In Colorado, employers are allowed to forbid marijuana use still and cities can decide whether or not they want to allow stores in city limits, according to MSN. In Washington, employers have the right to forbid use also, and consumers have to present a photo I.D. proving they are 21 before they can buy it.

Sources

Boston Globe

Huffington Post

Businessweek