In 2009, a memorandum issued by the United States Deputy Attorney General David Ogden advised that states’ attorneys general should not focus federal resources on individuals complying with state laws regarding the medical use of cannabis.
This edict reduced barriers for states to legalize medical cannabis, leading to many states implementing Medical Cannabis Laws (MCLs) without the entanglement of conflicting federal laws.
The Positive Impact of Medical Cannabis
Proponents of MCLs argue that legalized medicinal cannabis could broaden treatment options for common ailments such as mental health disorders, chronic pain, and nausea.
The societal benefits of medical cannabis consumption may include reducing crime, decreasing the need for rehabilitative services for substance use disorders, lowering hospital admission rates, and reducing prescription drug expenditures, as cannabis can be a substitute for other, often more addictive, prescription drugs.
Concerns and Potential Detriments
Some unfounded concerns include potential health risks associated with cannabis use, such as cancer, cardiac issues, respiratory problems, mental health, substance abuse, cognition, and pregnancy complications. None of which have any scientific basis.
Other studies highlight the possibility of exacerbating drug use, worsening opioid-related mortality, increasing traffic fatalities, or increasing binge alcohol drinking. None of which we are seeing in countries such as Canada.
The Impact on Health Insurance Premiums
A significant revelation from the study is the potential impact of MCLs on health insurance premiums.
Since medical cannabis can serve as a substitute for drugs that may require expensive inpatient treatment, MCLs could effectively reduce healthcare costs.
Though health insurance companies do not cover expenses associated with the direct use of medicinal cannabis, the study found a statistically significant decrease in health insurance premiums starting in year seven post-MCLs, with a persistent downward trend in subsequent years.
Embracing the Financial Benefits of Medical Cannabis
The findings of this study provide compelling evidence that medical cannabis laws lower individual market health insurance premiums. With American households spending approximately 20% of their budget on healthcare, including insurance premiums, any reduction in premiums is a welcome relief.
The financial impact of medical cannabis on the pocketbook of the average individual market enrollee is significant, and lower premiums are beneficial to both medicinal cannabis users and non-users alike in states where medical cannabis is legal.
The study’s insights into the potential financial benefits of medical cannabis laws add to the growing body of evidence supporting the positive impact of cannabis.
While concerns and potential detriments must be carefully considered and addressed, the potential to lower health insurance premiums offers a new and compelling argument for the continued exploration and implementation of medical cannabis laws.
The future of medical cannabis appears promising, with potential benefits extending beyond health and well-being to financial savings for individuals. As the understanding of cannabis continues to evolve, so too does the opportunity to harness its potential for the greater good of society.
