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The British free-market think tank favorited by Margaret Thatcher has called on the government to legalise cannabis to generate government revenue and reduce costs.


The Institute of Economic Affairs (IEA) concluded that the criminalisation of cannabis in the UK has failed, as the black market in cannabis is worth £2.6 billion annually, and is filled with dangerous, high-strength products.


The IEA recommends regulating the market and capping THC levels at 15%, suggesting that it would virtually wipe out the black market. It goes on to say that if legal cannabis held a 95% market share, and were taxed at 20% VAT plus 30% excise tax, annual tax revenues would reach £690 million. Furthermore, the estimated revenue from the generation of legal incomes paying tax and reduced public services would amount to at least £300 million a year. 


More notes from the report can be found by following the link below

https://www.theguardian.com/society/2018/jun/29/legalise-cannabis-in-uk-institute-for-economic-affairs


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