A new study reveals the cost of marijuana in 120 cities around the world, and calculates how much tax revenue a city could gain from legalisation.
● Tokyo, Japan has the most expensive cannabis , at 32.66 USD per gram.
● Quito, Ecuador has the least expensive marijuana , at 1.34 USD per gram.
● Based on the average US marijuana tax rates currently implemented, New York City could generate the highest potential tax revenue by legalising weed , with 156.40 million USD per year. New York City also has the highest consumption rate of cannabis, at 77.44 metric tons per year.
● Cannabis costs US$10.63 per gram in Brisbane, Australia .
Automatic cultivator device, Seedo , has released the 2018 Cannabis Price Index, detailing the cost of marijuana in 120 global cities. Seedo is one of the many new ventures embracing the newly legalised cannabis industry. Their main goal is to allow both medicinal and recreational consumers to grow their own supply, avoiding extra taxes and bypassing harmful pesticides. The aim of this study is to illustrate the continuous need for legislative reform on cannabis use around the world, and to determine if there are any lessons to be learned from those cities at the forefront of marijuana legalisation.
Although Seedo’s technology enables smokers to get off the grid, this study considers one of the biggest byproducts of legalising cannabis—the potential tax revenue for the local government body. For this reason, Seedo decided not only to research the cost of cannabis around the world, but also to calculate how much potential tax a city could generate if they were to legalise marijuana.
The study began first by selecting 120 cities across the world, including locations where cannabis is currently legal, illegal and partially legal, and where marijuana consumption data is available. Then, they looked into the price of weed per gram in each city. To calculate how much potential tax a city could make by legalising weed, Seedo investigated how much tax is paid on the most popular brand of cigarettes, as this offers the closest comparison. They then looked at what percentage marijuana is currently taxed in cities where it’s already legalised in the US.
“This study has revealed some incredible insights into the kind of tax revenue that legalising weed could generate.” says Uri Zeevi, CMO at Seedo. “Take New York City for instance, which has the highest consumption level in the study at 77.44 metric tons of cannabis per year. If they taxed marijuana at the average US cannabis tax level, the city could make $ 156.4 million in potential tax revenue per year. This is equivalent to providing nearly 3 months worth of free school meals to every single public school kid in New York City.”
“The way that the legalised cannabis industry is rapidly evolving alongside new technologies shows how innovative emerging tech companies are today.” says Uri Zeevi, CMO at Seedo. “Take the way that cannabis and cryptocurrency have joined forces, with examples such as HempCoin or nezly, which manage processes and payments in the new marijuana industry. When you consider too the potential that these new technologies have to disrupt the cannabis industry, there’s no denying that these are very exciting times.”
“At Seedo, we’ve built technology that helps regular smokers to grow cannabis plants of the utmost quality from the comfort of their own home, avoiding pesticides and taking ownership of their personal supply.” says Uri Zeevi, CMO at Seedo. “We believe that by understanding the cost of weed around the world, we can help to educate smokers about the potential financial benefits of hydroponic growing technology.”
“That illegal cannabis use is so high in countries that still carry the death penalty, such as Pakistan and Egypt, those in power ought to see how desperately new legislation is needed.” comments Uri Zeevi, CMO at Seedo. “By removing the criminal element from marijuana, governments will then able to more safely regulate production, take away power from underground gangs, and as we’ve shown in this study, generate huge tax revenues.”
Further findings:
● New York City, USA has the highest consumption rate of cannabis , at 77.44 metric tons per year.
● Boston, USA has the most expensive cannabis of all the cities where it’s legal , at 11.01 USD, while Montevideo, Uruguay has the least expensive at 4.15 USD.
● While Tokyo, Japan has the most expensive cannabis of all cities where it’s illegal, at 32.66 USD, Jakarta, Indonesia has the least expensive at 3.79 USD, despite being classed as a Group 1 drug with harsh sentences such as life imprisonment and the death penalty.
● For cities where cannabis is partially legal, Bangkok, Thailand has the most expensive at 24.81 USD, while Quito, Ecuador has the least expensive at 1.34 USD.
● Bulgaria has the highest tax rates for the most popular brand of cigarettes, at 82.65%, while Paraguay has the lowest, with rates of 16%.
● Cairo, Egypt would gain the most revenue in tax if they were to legalise cannabis and tax it as the same rate as cigarettes, at 384.87 million USD. Singapore, Singapore would gain the least, at 0.14 million USD, due in part to the city’s low consumption of marijuana at 0.02 metric tons per annum.
● Based on the average US marijuana tax rates currently implemented, New York City could generate the highest potential tax revenue by legalising weed, with 156.4 million USD per year . Singapore, Singapore would gain the least, at 0.04 million USD.
To view the full results, please find an interactive version at http://weedindex.io/#fullstudy
About “Seedo” : Seedo is a fully automated hydroponic growing device which lets you grow your own medicinal herbs and vegetables from the comfort of your own home. Seedo controls and monitors the growing process, from seed to plant, while providing optimal lab conditions to assure premium quality produce year-round. Seedo’s goal is to simplify the growing process, making it accessible for everyone, without compromising on quality.
