News broke today that an agreement has been struck in Germany to legalize cannabis for adult use and to create a regulated adult-use cannabis industry framework.
Unless another country beats it to it, Germany would be the third country to comprehensively legalize cannabis for adult use, would be only the second G-7 nation to do so, and the first on the European continent to do so.
Legalising cannabis could bring Germany annual tax revenues and cost savings of about 4.7 billion euros ($5.34 billion) and create 27,000 new jobs, a survey said on Tuesday as politicians thrash out rules for the budding sector.
The survey by the Institute for Competition Economics (DICE) at the Heinrich Heine University in Duesseldorf, and commissioned by the German hemp association, found that legalising cannabis could lead to additional tax revenues of about 3.4 billion euros per year.
At the same time, it could bring cost savings in the police and judicial system of 1.3 billion euros per year while creating tens of thousands of jobs in the cannabis economy.