If the United Kingdom legalized the possession and taxed distribution of cannabis for those 18 and older, it would generate and save (from reduced enforcement costs) over £600 million, and may end up generating and saving over £1 billion (roughly $1.55 billion).
These numbers are according to a report from the nation’s Treasury Department, which was leaked to the media. The report found that taxing cannabis sales would generate between £397-£871 million per year, and would lead to estimated savings to “public services” of £211 million.
According to the report, legalizing cannabis would save roughly 670,000 hours of police time annually.
The full report, commissioned by former Deputy Prime Minister Nick Clegg (while he was still the active Deputy), can be found by clicking here.