Anorak

Anorak News | £1bn of cannabis to boost the British economy – and let criminals sell skunk

£1bn of cannabis to boost the British economy – and let criminals sell skunk

by | 29th, June 2018

The argument for legalising cannabis hinges not on your chronic pain or need to bark in front of daytime telly, rather on money, specifically how much the Government rake in by taxing it? The sickness is all too apparent. What goes inside the body of a consenting adult is no-one else’s business, least of all that of the wonks. But money will win the argument – it always does. And the latest news is that decriminalising the drug will earn the State £1bn a year.

That’s according to guesstimates by the Institute for Economic Affairs (IEA). The headline figure is not all earnings but also savings, primarily on the cost of policing the Class B drug. The IE report, the snappily titled Joint Venture: Estimating the Size and Potential of the UK Cannabis Market, estimates the black market for cannabis at £2.6bn a year with 255 tonnes sold to more than three million people.

“It’s high time for reform of cannabis policy in the UK,” says Chris Snowdon, head of lifestyle economics at the institute, and most definitely unaware of his pun. “Canada and the USA are showing the way. Done properly, the legalisation 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.”

Maybe. Criminals get to re-evaluate their business and undercut the licence holders. Customers get to chose a product, whether it be safe or less safe will depend on price. Licensed sales allow regulators and other authoritarians to control the drug’s psychoactive compound tetrahydrocannabinol sold on their premises. But if you want skunk or anything stronger than Theresa May thinks you can handle, asks Matt the Talc if he can sort you out – and look out for the Kitemark on his bag of greens.

The IE also adds in its report: “When added to tax revenues of £690m, plus new streams of income tax, business tax and VAT created by the legal industry, claims about cannabis legalisation providing a £1bn windfall to the Treasury seem pessimistic.”

No doubt the kind of bores who sell fine wines and hipsters who felt-tip their necks and dress like Norman Wisdom in undersize jackets and leggings will set up shops offering all manner of exclusive guff to the discerning toker looking for top notes of pettuli oil over hints of uncertainty. The rest of us will just want a hit from the stuff that grows out the ground. It’s not called ‘weed’ for nothing.



Posted: 29th, June 2018 | In: Key Posts, News Comment | TrackBack | Permalink