Would legalize Medical Marjuana help the ecomony in New York Research Paper

Would legalize Medical Marjuana help the ecomony in New York - Research Paper Example Much of the current debate on whether to legalize marijuana is based on its medicinal properties. Once this is accepted (that it is indeed medicinal), the debate shifts to the possible abuses for which it is used by some people, particularly the fear of getting addicted to it just like nicotine. However, much of the controversy stems from the wrong notions of what marijuana is and is not. For one, people mistakenly think it can cause accidental deaths due to smoking or ingesting the seeds. But no one had died of an overdose from marijuana use. Advocates claim smoking it does not cause any serious side effects, unlike alcohol or tobacco. Marijuana does not cause liver damage, cancer, heart disease, birth defects or emphysema. All it can do is to induce lethargy, short-term memory loss, mild hypotension (low blood pressure), ataxia (walk or gait that is staggering), light headedness and a temporary loss of concentration. Marijuana is the third most-consumed drug in the world (after alc ohol and tobacco). It is therefore very timely to review the possible legalization of marijuana as a major source of new revenues, similar to the so-called sin taxes imposed on alcohol and cigarettes. This short paper examines the possible ramifications of legalizing marijuana for medical use since it has been proven to cure a number of ailments but without any serious side effects. Discussion Several states have already legalized the medical use of marijuana, among them New Jersey, Arizona and Washington, DC (passed their laws only last year). There are now a total of 16 states which had legalized marijuana but they had imposed restrictions on its use such as requiring registry ID cards before allowing a purchase. Moreover, these states already derive a substantial amount in taxes which they collect based on the number of usable ounces or on the number of mature and immature plants a person is allowed to plant and raise in his place. The growing consensus is now to allow marijuana use because most of the claims against its use are often grossly exaggerated, sensationalized and found to have no basis by research. With this in mind, the focus of this proposed research paper will be on the economic benefits that the state of New York can potentially derive from the legalization of marijuana. It will not discuss the pros and cons of whether people will abuse it once it is legalized but more on what the potential economic benefits will be to the state coffers of New York. New revenue streams, like the sin taxes imposed on alcohol and tobacco consumption, will prevent raising new taxes or increasing existing taxes. As an aside, it is quite surprising that tobacco is legal although it is confirmed to be very addictive due to the nicotine content in it while marijuana is illegal but has no addictive qualities. New York state is contemplating new budget cuts. Research Variables This section discusses some of the variables that will be tackled during the research. It w ill delve more into the economic variables to quantify the research problem and also give a good feedback on the success of the proposed solution (legalization of marijuana). Moreover, the focus will also deal with the operational concerns once legalization is achieved (assumed). The later portions of this paper will likewise explore the possible research questions, a brief time-line for completion of this project and the major topics of the main data sources. Potential Market Demographics –