Recently, Richard Di Natale and the Green Party in Australia proposed a new legislation to legalize cannabis on a commercial level to parliament.
Though the new bill is still awaiting regulatory approval, the PBO estimates that the continent of Australia could see $3.6 billion dollars in tax dollars generated over a short 4 year window by approving the legalization of cannabis.
The new bill would treat cannabis similarly to alcohol and tobacco where the Australian government would set the standards and guidelines for regulating the sale of marijuana. Licensing and production fees could also generate millions of more dollars annually depending upon the size of the company and their operation.
With almost a third off the Australian population using the plant for medicinal and recreational purposes, its surprising that legislation to legalize marijuana is now just reaching the parliament.
Though some government officials in Australia feel strongly opposed to backing the legalization of cannabis it seems that countries around the world are now open to the idea due to the type of taxes that can be generated from the sale of the plant.