Embrace the ‘green economy’

What if Rhode Island could pass a law this year that would foster the growth of new businesses, create high-tech jobs, improve our real estate market, encourage more young people to stay and work in our state, and generate tens of millions of dollars in tax revenue yearly?

If that sounds too good to be true, just look at Colorado, where voters approved a ballot initiative to regulate marijuana like alcohol three years ago. Countless reports and news articles document the tremendous positive impact legal marijuana has had on Colorado’s economy, and yet, it has seen none of the catastrophic effects that opponents predicted.

Rhode Island lawmakers should take a serious look at regulating and taxing marijuana for adult use. In Vermont, Gov. Peter Shumlin has endorsed a bill to regulate marijuana like alcohol and vowed to do his best to pass it this year. Massachusetts, too, is moving closer to ending marijuana prohibition. In November, the question is expected to go to voters. Judging by national polls, which consistently show that growing majorities of voters support making marijuana legal for adults, it is only a matter of time before the whole country embraces this “green economy.”

Last year the RAND Corporation, an economic think tank, published a study commissioned by Vermont’s legislature. The authors concluded that Vermont would have a “first-mover advantage” if it were to legalize and regulate marijuana before other New England states.

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And if neighboring states begin to crowd out the marijuana market before Rhode Island gets involved, our slice of the economic pie will be smaller.

Suppose Massachusetts approves its ballot initiative and Rhode Island does not act to regulate marijuana during the current legislative session. Rhode Islanders would have legal access to marijuana, but our state would see none of the economic benefits.

Regulating marijuana like alcohol should be part of our leaders’ economic vision. •

Angela K. Dills is an associate professor of economics at Providence College.

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