New research has found that legalizing the sale and use of recreational cannabis could bring a €5 billion ($5.67 billion) boost to the German economy via annual tax revenues and cost savings within the police.
Should Germany proceed with legalization, the research estimates that it could bring in tax revenues of €3.4 billion ($3.86 billion) per year and save some €1.3 billion ($1.48 billion) in costs within the police and judicial system, alongside creating 27,000 new jobs.
The report, carried out by the Institute for Competition Economics (DICE) at the Heinrich Heine University in Düsseldorf and commissioned by the German Cannabis Association, comes amid ongoing discussions for the formation of a coalition federal government.
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In the three-way talks, the Social Democrats, the Greens and the Free Democrats are discussing the regulation of recreational cannabis.
Since 2017, Germany has legalized cannabis use for medical purposes. The possession and distribution of cannabis for medical purposes is now legal in Germany.
Prohibition Partners conducted market research in Europe on legalization of marijuana earlier this year. They found that Germany, which has legalized cannabis use by adults only, would lead to the country becoming the sole legalizer. “over half of the European market until 2024.” It would also help propel the European cannabis market from its 2021 valuation of €400 million ($454 million) to some €3 billion ($3.4 billion) by 2025.
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