UK Could Net Up To $12.6B Annually From Cannabis Legalization
The United Kingdom could generate between $4.38 billion and $12.6 billion annually in tax revenue by legalizing and regulating cannabis for adult use, according to a new report by CLEAR, a cannabis reform advocacy group. The paper lays out a detailed framework for the UK’s potential cannabis industry, from cultivation to retail.
The report proposes establishing a cannabis inspectorate to oversee commercial cultivation, importation, distribution and taxation. The aim is to create a regulated market similar to Canada’s, where after six years, over 70% of all cannabis sales occur through legal channels.
Cannabis Market Could Stabilize Illicit Trade
The piece highlights how cannabis regulation could help control the UK’s illicit cannabis market, currently valued between £2.9 billion ($3.84B) and £8.8 billion ($11.67B) per year. By implementing a £1-per-gram cannabis tax ($1.33 dollars), the Treasury could gain substantial revenue while avoiding the …