Source: Flickr user Paul Evans.
Over the last two decades marijuana has practically been an unstoppable force.
Since 1995, 23 states have legalized marijuana for medicinal purposes, while four states (along with Washington D.C.) have legalized all aspects of marijuana, including its recreational use for adults. Even in states where marijuana failed to gain approval initially, such as Oregon, the proverbial scales were tipped in favor of supporters just a few short years later.
Even Congress is getting in on the act. In March, three U.S. Senators introduced the CARERS Act, which is a bill aimed at decriminalizing medical marijuana. The CARERS Act would make it easier for banks to make loans to legal medical marijuana businesses, would remove some of the barriers associated with medical marijuana research, and most importantly would reschedule marijuana from a schedule 1, or illicit drug, to a schedule 2 drug, signifying that it does have medical benefits, even if it is prone to abuse.
But, have you ever really thought about the hypothetical economic implications of what would happen if marijuana was made legal nationwide?
According to website Priceofweed.com, and as reported by Forbes, the price of a high-quality ounce of marijuana would drop considerably if it were legalized. Priceofweed.com allows users across all 50 states to input how much they’re paying for an ounce of marijuana, either legally or on the black market, and then it aggregates this data into an average price per ounce for each state. Based on the nationwide data, the current average price per ounce of marijuana in the United States is $324.
Price depends on location
Source: Flickr user CasparGirl.
Unsurprisingly, the states with the cheapest marijuana tended to be those which legalized the drug across the board. Oregon leads the pack with a price per ounce of just $204, with Washington and Colorado occupying the second- and fourth-cheapest costs per ounce at $232 and $243, respectively. The third- and fifth-cheapest states are California ($242) and Nevada ($265), which were among the first medical marijuana adopters.
On the flipside, North Dakota currently holds the lead on the other end of the spectrum at a cost of $387 per ounce. Following behind are Vermont ($367), Virginia ($363), Iowa ($362), and a three-way tie for fifth at $360 per ounce between South Dakota, Pennsylvania, and Maryland. Also not surprising, with the exception of Maryland none of these states have even approved medical marijuana for legal use. Maryland’s law passed in 2014 …Read More