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Marijuana Research

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The legal status of cannabis during 1619-1915, coupled with a ban on alcohol during 1920-1933, has provoked questioning of the rationality of the current US federal legislation on both drugs, as marijuana is currently illicit whilst alcohol is not. Research has suggested that marijuana could be equally if not more beneficial than alcohol to the economy, with fewer negative externalities.

This discussion has been sparked anew after the states of Colorado and Washington infringed federal legislation by instating the open legality of marijuana. The topic, in current debate, must be viewed objectively to reach a valuable conclusion, since much of the argument is highly opinionated and biased owing to the stigma attached to such substances.

Marijuana is currently a Schedule I substance under federal law whereas alcohol is federally regulated through the Alcohol and Tobacco Tax and Trade Bureau (TTB) alongside stringent state and county laws. Existing federal law makes alcohol legal to those over the age of 21, with high taxation placed on consumption. Hence, the substance is highly regulated, although not currently prohibited.

We intend to examine the economic effects that alcohol has on the economy and compare these findings with the hypothetical benefits of legalised marijuana. Analytically considering the reasoning behind its current illegal status, we will compare the negative externalities of cannabis against those of alcohol to determine whether there is logic behind the prohibition. The paper will look to settle disputes about the monetary incentives of a legal market by appraising both costs and revenue gains whilst simultaneously investigating the opportunity costs of the legal status of marijuana. This report will argue for the legalisation of marijuana by the United States government due to the ineffectiveness and excessive cost of prohibition

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