Szde Yu (2009) in the article on the Potential impact of making marijuana legal in California estimates that a legitimately regulated market for marijuana profits the state of California over $1.2 billion in tax revenues and reduced enforcement costs. In addition, he argues that the state saves over $200 million per year from reduced prosecutions, arrests and prison service. Additional benefits would also be realized from increased employment and spinoff industries like tourism, coffeehouses and industrial hemp. The same case would apply to New York.

More recently Turnlund (2011), in the Essay on the Benefits of Legalizing Marijuana in the United States, argues that Marijuana legalization would accrue both positive and negative effects on America and its citizens, but, the positive effects considerably outnumber the negatives. According to her, the budgetary crisis facing America should be at the top of every law maker’s priority list. The government can generate and save vast amounts of income that could pull the American economy out of a never ending downward spiral (Turnlund, 2011). She proposes tax at rates comparable to those in tobacco and alcohol.

Marijuana also has a potential therapeutic application in the treatment of inflammation, cancer, affective and neurodegenerative diseases, diabetes and several other medical conditions. According to Hubbard, Franco & Onaivi (1999), cannabidiol - an extract from marijuana, is also involved in a wide range of physiopathological processes, for example, the regulation of pain, neurotransmitter release and cardiovascular, liver and gastrointestinal functions at a much more affordable rate than conventional medicine.

Peter C. (2000), in The Ethics of Medical Marijuana: Government Restrictions vs. Medical Necessity. Journal of Public Health Policy, argue that since marijuana is categorized under the Controlled Substances Act, its therapeutic benefits are not no longer mentioned to health care professionals in formal education. Doctors, on the long run, get intimidated by marijuana’s illegal status.

The popularization of a sound economically feasible product and the establishment of suitable global management approaches are vital to New York’s future, and marijuana can play a significant role.

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