States Could Benefit From Ramifications of Legal Cannabis, Says Attorney Charles X Gormally
The cannabis industry offers opportunities for states to benefit economically, as new jobs would be created and the high taxes on recreational marijuana would be a boon, according to cannabis attorney Charles X Gormally. Charles X Gormally works as an attorney and co-chair of the cannabis practice at Brach Eichler in New Jersey. He has considered the pros and cons of legalizing recreational marijuana and believes it would be economically advantageous to states for several reasons.
In New Jersey, for instance, under New Jersey Governor Phil Murphy’s budget proposal for 2020, $60 million in revenue is estimated to be brought into the state if recreational marijuana was legalized. This revenue, which would vary based on the state, would have a positive outcome for New Jersey, Charles X Gormally believes. The state’s income from taxes would help fund many important initiatives and keep things running smoothly, Charles X Gormally said.
In another state that has legalized marijuana, Colorado, more than $135 million was collected in taxes and fees in 2015. For many states that are struggling financially, the high taxes on recreational marijuana could open doors and solve some financial problems, said Charles X Gormally.
Of course, plenty of new jobs would come into a state that legalizes a new industry. There would be jobs needed in construction, sales, real estate and more. This would improve the state’s economy, provide employment opportunities and could potentially cause people to move to the state looking for better employment, Charles X Gormally explained.
Of course, there are potential disadvantages to legalizing recreational marijuana, and those need to be worked out by each state, Charles X Gormally acknowledged. But the money states could save by decriminalizing marijuana use, bringing in additional tax dollars and bringing in jobs would outweigh the potential downsides and pitfalls, Charles X Gormally said.
Charles X Gormally said it is important to him and the other attorneys in the cannabis practice at Brach Eichler to champion this cause. Legalizing cannabis in states and federally makes sense for struggling economies as it benefits citizens and governments. “States that have already legalized recreational cannabis have shown that there are many benefits to the economy and that any negatives can be overcome with thoughtful planning,” Charles X Gormally said.
For additional information about Brach Eichler’s Cannabis Law Practice, which has several attorneys in the practice, contact Charles X Gormally, member co-chair, at (973) 403-3111.