If marijuana will be legalized in Israel, it may be extremely beneficial for its economy. This was according to a recent study conducted by the Jerusalem Institute for Market Studies.

The study reveals that Israel is expected to generate over $450 million in marijuana if legalized in Israel. This proved to be very promising for a nation that has ever since been suffering from political and economic crises for a very long time. Reports claimed the net worth of the marijuana's black market is $707 million annually.

As marijuana will be sold like cigarettes and taxed appropriately, a minimum of $268 million will be the government's income. In addition to this, it is expected to save $198 million spent on Israel's law enforcement for tracking mafias and marijuana peddlers.

The study further shows that about 275,000 Israelis used marijuana in 2012, consisting of 4 percent of the national population. About 64 percent Israelis are in favor of legalizing marijuana while 26 percent are against this move.

Meanwhile, similar reactions are seen in Canada but it already decided to establish a huge industry in the medical use of marijuana. Commercializing marijuana worries many Canadians who believe that this will ultimately worsen the effects of this popular weed. They expect marijuana will be much more expensive in the future. These are the Canadians who are licensed to consume marijuana for health reasons.

Eventhough Health Canada took the initiative of licensing companies to grow and sell medical marijuana in the country for greater quality control, some fear that things may turn out otherwise. Licensing medical marijuana has sparked controversies as many abuses are reported.

But the real effects of whether marijuana will have beneficial value to society has yet to be seen based on the guidelines that will be strictly imposed globally.