Widespread Access to Legal Cannabis Cuts into Black Market Demand – PRNewswire

NEW YORK, Oct. 27, 2020 /PRNewswire/ — The legalization of medical cannabis and decriminalization in some countries has led to a significant decrease in the black market. People are choosing to legally purchase their cannabis for medical as well as adult use. Typically, medical marijuana is used for the treatment of chronic conditions, such as cancer, arthritis, and neurological conditions, such as anxiety, depression, epilepsy, as well as Parkinson’s, and Alzheimer’s disease. Government earnings through taxation are further viewed as an opportunity for countries to earn high revenues. For instance, the total tax revenue collected for the state of California in the U.S. was USD 345.2 Million in 2018. The revenue generated from these taxes could encourage local governments to fund several development programs for education and infrastructure. And, according to Grand View Research, the global legal marijuana market is valued at USD 17.7 Billion in 2019 and is expected to expand at a significant CAGR of 18.1% over the forecast period of 2020 to 2027. MediPharm Labs Corp. (OTC: MEDIF) (TSX: LABS), Trulieve Cannabis Corporation (OTC: TCNNF), Planet 13 Holdings Inc. (OTC: PLNHF), Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), Canopy Growth Corporation (NYSE: CGC)

The U.S. election is fast approaching, and voters will also get to decide on whether to legalize marijuana for recreational purposes is New Jersey. If the state votes in favor of the notion, it will bring the long-sought change by racial and social justice advocates, as the state would be breaking new ground after years of starts and stops. R. Todd Edwards, political action chair for the state NAACP chapter explained, according to a report by app.com, that “with legalization comes the potential to remove unfairly harsh punishments now suffered by entire families due to cannabis offenses… A vote for this measure is a vote to correct these

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