The Australian cannabis industry may be fueling the black market with a whopping $25B in annual earnings. Greens senator David Shoebridge emphasizes the potential for a significant revenue boost through legalization instead of costly and ineffective policing.
Shoebridge said “Law enforcement is spending billions of public dollars failing to police cannabis," he went on to exclaim, "the opportunity here is to turn that all on its head by legalizing it.”
A recent investigation into Australia's marijuana habits uncovered some intriguing findings. According to the Australian Criminal Intelligence Commission (Acic), an analysis of the nation's wastewater unveiled that Australians consume an astounding 14.6 kilograms of THC, the mind-altering compound in cannabis, per thousand people annually. This revelation came in response to a question during Senate estimates, making it quite an eye-opening statistic for lawmakers to consider.
Astonishing new figures reveal Australians are spending an estimated $25 billion on cannabis, Parliament's financial experts crunched the numbers and found that the average price of street weed is $13.40 a gram. Researchers delved into wastewater data to determine THC levels in the average marijuana batch, resulting in this mind-blowing statistic.
Shoebridge emphasizes the findings of the Parliamentary Budget Office, indicating the potential for billions in tax revenue within the first decade if Australia legalizes cannabis.
Shoebridge says, “If the Acic is right about the amount of cannabis consumed every year, then it is likely the public revenue we can gain from legalizing it will be even higher than the PBO figures.”
Energized by the prospect of cannabis legalization, the NSW senator laid out a persuasive case, envisioning a transformed system where law enforcement resources are effectively utilized, additional revenue from cannabis taxation, and vulnerable communities like the youth, indigenous people, and people with disabilities breathe a sigh of relief - all thanks to embracing the power of a once-taboo plant.
The Greens justice spokesperson has unveiled plans to introduce legislation for legalizing cannabis across the country, drawing inspiration from Canada's successful model. Adults could soon enjoy the freedom to purchase cannabis from authorized dealers and government-run stores, potentially sparking a new era of cannabis commerce for the people of Australia.