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Home 🌿 Marijuana Politics 🌿 Would legalising and taxing cannabis both save and raise a fortune for the UK? 🌿Would legalising and taxing cannabis both save and raise a fortune for the UK?
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The subscription service is currently unavailable. Please try again later.Legalising and taxing cannabis could raise hundred of thousands of pounds a year and save the justice system a fortune, a leaked Treasury report has claimed.
The Institute for Social and Economic Research (ISER) estimated that legalising and licensing cannabis could help reduce the UK budget deficit by up to £1.25 billion per year.
The leaked report responded to this figure to argue that it was probably over-optimistic, but it conceded that legalising the substance could “generate notable tax revenue” and “lead to overall savings to the criminal justice system”.
The Home Office has said that it has no plans to change the law prohibiting the use of cannabis, which remains a Class B illegal drug.
Cannabis consumption and tax revenue
One cannabis user told loveMONEY that the street cost of herbal cannabis in the UK is in the region of £5 per gram. Prices vary depending on the dealer,...
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