The Time to Legalize Cannabis in RI is NOW: Guest MINDSETTER™ Rep. Scott Slater
Wednesday, May 06, 2020
The COVID-19 pandemic has hampered our state’s economy. With roughly 250,000 jobless claims filed since early March, Rhode Island is among the states hardest hit by the economic fallout.
There is no single magic bullet, and the scale of economic devastation requires us to consider all revenue options. I have long supported ending the criminalization of cannabis and establishing a legal market to tax and regulate adult recreational use in a manner similar to alcohol.
Even before the COVID-19 outbreak, most Rhode Islanders agreed with this approach. Now, with a budget shortfall approaching half a billion dollars, we must realize we cannot raise taxes on the very individuals and businesses who were impacted by the shutdown. Instead, we must consider new revenue sources.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBy virtually every metric, cannabis legalization has proven to be an economic homerun in other states. Washington and Colorado have generated nearly $3 billion in new tax revenue from cannabis. This new revenue has gone to support new education funding and infrastructure improvements. In just a few years, legal cannabis has also become the fastest growing sector of the economy in the United States, supporting over 240,000 full-time jobs.
There is overwhelming evidence that legalization stimulates economic growth. We know legalization has a substantial economic multiplier effect. Dozens of ancillary sectors of the economy benefit from legalization, including everyone from electricians and security guards to realtors and accountants. Studies have also shown that legal cannabis also benefits local economies, increases home values, and supports tourism industries. It’s not surprising that, of the ten states in the country with the strongest economies, six of them are states that have legalized cannabis for adults.
Rhode Island already has the infrastructure to build out an adult-use recreational market because of our medical cannabis program. Dozens of professional cannabis cultivators have been licensed in recent years and are ready to expand their business. We have vacant buildings across the state that could serve as manufacturing facilities or retail locations.
Rhode Island has a window of opportunity to maximize the benefits of a legal cannabis economy. Regionally, COVID-19 has become a speed bump for marijuana legalization in states like Connecticut, New York, and Vermont, which were very likely to have passed adult-use legalization laws this year. If we act soon, we can still give our residents a chance to compete in the regional cannabis economy.
Rhode Island’s policy of prohibition runs counter to sound public policy. Thousands of our people have cycled through the criminal justice system for minor offenses. So many of our neighbors suffering from substance use and mental health disorders have been treated as criminals instead of people in need of help. Hundreds of millions of your tax dollars have been squandered enforcing this policy of prohibition. Your money would be better spent educating our youth, rebuilding our roads and bridges, or lowering your highest in the country property tax burden.
But public policy aside, we can no longer afford to ignore the economic benefits of legalizing cannabis. There are jobs to be created, local businesses to support, and revenues to be generated. My colleagues and I will be faced with many difficult decisions in the forthcoming state budget. Fortunately, though, legalizing cannabis is among the easiest and most obvious steps we can take to help our state rebuild.
Let’s not delay any longer. We cannot afford it
Rep. Scott A. Slater, a Democrat, represents District 10 in Providence
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