Hemp Economic Impact and Legalization - Research Paper Example

Task: Hemp economic impact and legalization: Hemp is a commonly used word for a variety of fiber rich crops, most important in relation to Cannabis and its products, however there are other variants of the crop (Cannabis Sativa) commonly used as a drug, leading to criticism from various groups on the use of this plant. The legality of hemp usage varies from country to country basing on the economic impacts the plant has on the individual country. Most countries the regulatory status of this hemp, basically depends on the amount of tetrahydrocannabinol that the plant was bred in if it’s low or high and the health/ environmental effects. Hemp is a relatively important crop and basing on its different uses it could replace a larger variety of environmental unfriendly crops to enhance economical productions. The forces behind the keeping of hemp illegalization are rather political not environmental in nature. The ability of this product and the byproducts of it are rather scary to many industries especially the petrochemical, liquor and tobacco industries. The fact is that the legalization of hemp would put money in the hands of the farmers and hence totally restructuring our national economy. An article published in 1937 titled “Hemp: The New Bilion-Dolar crop” named over twenty five thousand possible uses of the hemp plant. This is because it is; a type of Marijuana which cannot get one high could be the reason as to why its popularity still lags behind. Many efforts by different scholars and business people to prove the viability of the product to the economies of the world have been enhanced through various ideas. However, there exists some controls over the whole idea since it is described under drugs whose consumption needs control. Despite the fact that this product remained illegal did not deter it from becoming one of the most affecting in the economy of the States in a positive way. This remained so until its legalization through an announcement made by the U.S. Attorney General Eric H. Holder Jr. This came in form of a memorandum that specified that the federal government would not consider it a priority any longer to prosecute the users or traders of the product that broke federal law but complied with State laws concerning this product (Kayla 6). That was so and publicized on the October 19, 2009. This came, as a relief to the people that put the product to different uses inclusive is those that use it for medical purposes. This did not go well with everybody. Some people looked at it as a wrong shot to the U.S. since it was encouraging the breech of Federal laws especially those affecting the drug. This simply relates that hemp is a legal item on one hand and yet still illegal on the other. Its legalization has had both positive effects and negative effects to the economy based on the consumption and need that drives one to it. Recent developments show the highly developing and revolving relationship between hemp and humanity. This movement has seen the development of the modern industrial hemp industry that depicts by the presence of hemp clothing, paper, seed-oil products and building materials (Rowan, 2). These developments have had a positive impact to the economies of the world generally specifically in Santa Barbra. The industries surrounding the development of these products that evolve form hemp have had a positive impact on the economies since their development and hence developing trade in the regions from which they hail. A healthy hemp rally circuit gave entrepreneurs in this product the impetus to go deep in investing in this product. This backed by their literature distribution and wears that accompanied the rallies to ensure that they spread the word about their product all over (Rowan, 4).this further bolstered by the formation of the hemp council started in the Los Angeles in 1991. In 1992, a vast number of companies were already in place and hence the success of the plant. The success, quality and economic advantages of the product saw the hemp drug relation diminished and the development of a new economic drive. Despite the illegality of the product, many voters in the region support the legalization of the product and its taxation. In 2009, a field poll showed that 56 percent of the people polled supported this direction of events and wanted the government to legalize it and tax it like any normal product (Trish, 45). On the other hand, the National Organization for the Reform of Marijuana Laws believes that the legalization of Marijuana would be important to the state’s bottom line individuals. This market of legalized hemp estimated to be worth $ 14 billion, which would translate to at least $ 1.2 to the State if legalized. It shows that if it were legal, the hemp industry would be far more productive. Even just one third of it would double the returns from the wine industry. This translates to an economic reality that is still so far yet so achievable and available. Hundreds of options besides smoking hemp exist that can be of tremendous impacts to the economy. These options include confectionaries, cheesecakes, salad dressings and beverages. Plant medicines and extracts, food safety and canna butter are some of the cooking products that good chefs can make for sale. This has come to see the product gaining audience in the schools to even the Degree levels of education. Many have learnt to depend on it for income since it is a promising market. Many are planting it in their homes if not on fulltime basis then part time to try to harvest the benefits of the product. To the scientific stage, hemp is a product that is distinct in its growth stage. At some point, people believed that this product did not suffer pests and the effect of pesticides. Varieties of hemp produce caryophyllene oxide than other varieties of drugs. Among the many products and species, cannabinoids and terpenoids have properly developed pesticide and repellent abilities (John, Robert & David, 3). One of the biological or scientific functions of hemp include, development of a Bacteria fighting fabric. This product hemp helps to fight the rapid and wide spread of the bacterial infections by staphylococcus aureus. This embedded in a plan to replace normal cotton with an antibacterial fabric made of hemp makes the plant a necessity in community. Another role targets at its eco-friendly abilities. This makes it one of the materials necessary in the insulations materials. The products outcome is carbon negative, which gives it the ability to absorb greener house gasses and hence helping in eco matters. Concrete mixes present another use for this product. These products if developed can be of varied advantages to the economy of the people of Santa Barbra. From the University of California, a study has the public health benefits. These shows through the thought that legalizing it would provide alcohol consumers with a safer substitute that would help reduce most of the traffic injuries and fatalities. Research shows that the use of Marijuana on the road is far better than the use of alcohol. The link between alcohol consumption and associated crime, domestic violence would reduce massively. Other benefits include the reduction on suicides and the better quality if showed that hemp is useful in the fight against problems related to sleep and attention.marijuana. It helps avoid the black marketing of the product, which undergoes treatment with other chemicals that prove harmful. The legalization of the plant with regulated production and consumption would go miles in economic advancement. These would come as some economic effects since they provide room for trade in other items. Other products as discussed earlier would have a positive impact on the production and use of the product in general. The long drug battle of the American people has gained momentum based on the different developments in the industry. These have seen thoughts like why the over fifteen uses or legalization of hemp in Canada has not showed any bad effects to the economy or to the population as a whole. The Canadian government has legalized the use of hemp for psychoactive purposes and has a person Andrea Herman who tests the product for them. The American people buy Canadian hemp products to a great number and it keeps growing up annually by twenty percent. This has created a trade imbalance since it has not legalized in the US but consumption or its products consumption large. Through this though, the government still tries to protect its population by the control of the product. This has helped cut down illegal consumptions, the prevalence of the black market. The government is even involving more resources in the fight against the use of hemp than it could have used if it were legalized. The fact that the products imported from Canada are made from the product that we have a ban on presses the logic of any economist why we fail to cut costs and develop the economy from the products of this item hemp rather than involving the funds into other items that do not builds the economy (Doug). In conclusion, hemp should not be classified generally as one product, instead the users should categorically, evaluate the positives of the plant to our economic system. Hemp would enhance the economic productivity of the country, hence any illegalization policies should be abolished, and focus channeled on encouraging the growth of different varieties of this fiber rich plant for economic benefits. References Doug, F. (2013). How hemp legalization would help my family and country: John, M., Robert, C. & David, P. (2000). Hemp Diseases and Pests: Management and Biological Control: an Advanced. CABI. Kayla, M. (2010). Legalizing Marijuana. ABDO Publishers. Rowan, R. (1996). The Great Book of Hemp: The Complete Guide to the Environmental, Commercial use of Hemp: Inner Traditions/Bear & Co. Trish, R. (2011). Joint Ventures: Inside America’s Almost Legal Marijuana Industry. John Wiley & Sons. Read More