A study by the Jerusalem Institute for Market Studies (JIMS) has found that legalizing cannabis would generate more than 1.6 billion shekels per year for the Israeli economy.
The position paper released Wednesday states that the Israeli black market for cannabis is worth an annual sum of 2.5 billion shekels. The introduction of taxation following any legalization of the drug, the paper claims, would bring in revenue of some 950 million shekels, while the judicial system would save another 700 million shekels if marijuana-related prosecutions were to end.
The study says that cannabis-related offenses in Israel are responsible for 5.2 percent of the country's criminal cases and 5.4 percent of its prisoners.
JIMS says that at least 275,000 Israeli adults have used marijuana in the past year.