Daily Management Review

UK Thinktank Proposes Legalizing Of Cannabis In The Country


06/30/2018




UK Thinktank Proposes Legalizing Of Cannabis In The Country
A call to legalise cannabis was given by Margaret Thatcher’s favourite free-market thinktank which argued that such a move would potentially save over £1bn generated from extra taxes and other savings in public services.
 
According to the Institute of Economic Affairs (IEA), last year, about 255 tonnes of cannabis was sold to more than 3 million people in the UK black market which is worth about £2.6bn annually.
 
The think tank report claimed that the UK black market is awash with dangerous high-strength products and that the criminalisation of cannabis in the UK has failed.
 
Chris Snowdon, head of lifestyle economics at the IEA, said: “It’s high time for reform of cannabis policy in the UK. 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.”
 
Even as it is easier for teenagers to buy cannabis than alcohol, there is a significant burden on the justice and health systems because of the use of public resources for seizing cannabis, prosecutions and treating health problems resulting from high-strength “skunk”.
 
The IEA report says: “The dominance of hazardous, high-strength ‘skunk’ cannabis in the black market should be a key reason for legalisation. Licensed sales would allow safer, regulated cannabis to displace the more dangerous strains and generate tax revenue that could be spent on mental health services.”
 
After there was a considerable public pressure from the families of two children who have an intractable epilepsy illness which apparently gets eased by using cannabis oil, a review into the medical uses of cannabis was launched recently by the home secretary, Sajid Javid.
 
Regulators should set maximum limits on tetrahydrocannabinol (THC) and a minimum limit on the non-psychoactive cannabidiol (CBD) for legal cannabis products recommends the IEA report. THC is the psychoactive substance which makes people high
 
According to the estimates of the body, there is a total of about 3 million users of cannabis in the UK who together consume about of 82.5g a year on the average. The total value of the UK cannabis market is about £2.55bn annually considering the cost of a one gram of cannabis is £10 at present.
 
Cannabis should be placed somewhere between alcohol and tobacco with respect to the degree of regulation in case it is legalized, proposes the IEA. the regulations should also mandate that the only people over 18 years of age be sold the product. It also proposed mandating the requirement for a license for growing and importing and the setting up of specialist licensed premises for te sale of cannabis.
 
(Source:www.theguardian.com)






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