As per recent reports, it has been unveiled that a research has been conducted by the Institute for Social and Economic Research.

According to the research, it has been unveiled that legalizing and taxing cannabis can prove quite beneficial for the government. It has been said so as the government will be able to reduce the deficit by about £1.25bn.

There are a number of benefits that can be availed by decriminalizing cannabis. Study researchers were of the view that authorities concerned will be able to reduce the cost of policing and prosecuting drug users. They will be able to reduce the cost by up to £300m per year.

Experts from the University of Essex have compiled the report. They were of the view that cannabis policy is one of the topics that has not been debated much. It has earlier been said that legalization of cannabis is one of the safest option to reduce its potency.

"We estimate modest external net benefits from reform through the avoidance of scarring effects of criminal records in the labour market of roughly the same magnitude as the external cost to society", said the academicians.

Lead author of the study Stephen Pudney from the University of Essex has affirmed that their report by no means is attempting to levy a price on cannabis.