By Steve Elliott
Running up to the March 17 elections, Israel's Green Leaf Party on Wednesday announced a comprehensive economic study showing higher than expected revenues of about NIS 3 billion per year for the state if the cannabis market is regulated by law.
The study, conducted by the head of military budgets, Elad Daudi, an expert military economist, is based on data from a study published by the Jerusalem Institute for Market Studies, along with data from Colorado, reports Israel's Cannabis Magazine.
The new study shows economic benefits both from stopping prosecution of marijuana consumers, and from the expected tax to the state treasury which would result from a legal cannabis market. According to the study, NIS 700 million would be saved by the state on enforcement expenditures, courts, arrests, etc., with at least NIS 2.2 billion from revenues from all taxes.
Further, those amounts don't include the expected revenues once the new market is fully reopened. The cannabis industry is expected to quickly product about 10,000 new jobs. The exportation of medical cannabis overseas alone is expected to result in NIS 2 billion per year in state revenues.