The COVID-19 health crisis has caused a plethora of issues for businesses across the board as they cope with shutdowns and reduced capacity for industry. In an interesting turn of events, the marijuana industry has shown promise even despite the pressures that the pandemic has brought. Industry experts such as Daniel Fung of Watertown CT and others have cited the fact that 50% of states had labeled cannabis shops an essential business and the scientific possibility of COVID symptoms being reduced by high-level CBD as potential clues that the industry can continue to flourish in the current climate. In this article, Daniel Fung Watertown CT cannabis expert discusses some of the other markers which could point to widespread legalization of cannabis in the US.
With the shutdowns and changes that needed to occur to keep citizens safe, it is no question that quite a few states are struggling with revenue. States that may incur a tax-revenue deficit and widespread unemployment may see cannabis as a viable way to combat these issues due to the consistent tax revenue stream it could generate. Industry experts such as Daniel Fung of Watertown CT note that it is getting increasingly difficult for both hesitant citizens and members of Congress to refute the benefits that cannabis legalization can have for the health of the economy and job market.
Last week, Governor Phil Murphy of New Jersey spoke on the topic of recreational marijuana becoming a possibility labeling it “an incredibly smart thing to do.” Murphy has always been on board with legalization in the state of New Jersey but has further expounded on his points by arguing the ways in which legalization could positively impact the state. New Jersey notably has the sixth most COVID-19 cases in the country and is second in total deaths. The state has also been experiencing an ongoing financial crisis linked to the closures needed to curb the spread of the virus early in the pandemic. Murphy spoke on the way in which legalization could supply much needed funding for the state and give NJ the opportunity to raise its own revenues, reducing the direct need for federal cash assistance. Phil Murphy also noted how widespread legalization could be a huge step for criminal justice reform, citing that black citizens in NJ are arrested for marijuana possession and usage at a rate 3.5 times higher than white citizens. This is despite similar usage rates amongst both groups.
Daniel Fung of Watertown CT notes that the idea of cannabis generating important tax revenue to the benefit of states is not a new concept, however, COVID-19’s impact on business has undoubtedly placed urgency on the topic. The acknowledgement of many that we need criminal justice reform also intercepts with the current situation involving the potential legalization of marijuana, as Phil Murphy noted in his interview. With the disproportionate amount of people of color serving time for nonviolent crimes linked to marijuana, widespread legalization could protect these marginalized groups while simultaneously generating jobs in heavily affected communities. Daniel Fung acknowledges that it may be a long road to legalization across the board, however, the current situation has many experts in agreement that it is imminent.