Texas concerned about losing Tax Dollars in millions if medical marijuana is stopped

texas-concerned-about-losing-tax-dollars-in-millions-if-medical-marijuana-is-stoppedThe Texas Act signed on June 1, 2015 into law that the state will not apply medical marijuana program that it passed. The major point is that the state law wants the doctors to prescribe medical marijuana.

Marijuana is illegal federally and is considered a controlled substance that doctors cannot prescribe it legally. But the doctors can stay safe by recommending medical marijuana. Now, there is a need to amend this law.

The problem is the limited patient population. The Texas is left with pain sufferers, cancer patients and veterans experiencing post traumatic stress disorder as they are not able to get the medicine legally. Thus a bill is introduced in the Texas Senate and House to expand patient population. Now, Matt Karnes, Greenwave Advisors, said that if the commercial availability is done by 2019, there will be more number of patients and the Texas medical marijuana sales may reach by 2021 to $600 million. This is half of the market of Colorado, where the state is reaping currently $200 million and medicinal marijuana sales is $1.6 billion.

Karnes told that if Texas went to legalize recreational marijuana, it will certainly rival Colorado. This is because if a recreational market implementation is done means in 2019, it will reach $1.2 billion and hit in 2021 $1.7 billion. If Texas legalizes recreational and medical marijuana by 2019, it would have $1.4 billion and $2.3 billion by 2021.

75% of Texas support marijuana law reform. However, the state is struggling under the contradiction of approaches towards marijuana.

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