Any time one conducts an analysis of this kind, it is very important to remember that not ever economic cost can be approximated correctly. In fact, there are many costs that must be understood and estimated, and without years of data, it will be difficult to know precisely what impact these things end up having. The state undoubtedly loses out on money when it has to support those people who have been convicted of crimes. In the state of Ohio, being convicted of a felony carries serious penalties. Many of those are so-called "extra-judicial" penalties in that they are imposed after the fact. People have trouble getting jobs when they have earned a felony. Beyond that, they have significant difficulty getting apartments and the like. This can have a long-term negative impact on the economy in Ohio, as it creates a class of people who have difficulty using their skills in order to contribute to productivity. Over the long run, Ohio would most certainly benefit from a full citizenry that is ready to contribute productively rather than having to rely on the government for assistance. Legalizing marijuana will have a long-term benefit in this way, but it is difficult to quantify that impact at the time being.
Marijuana legalization has the potential to be a major boon for Ohio, just as it has been for other states. One of the nice things about this potential policy is that it allows for multiple streams of improvement. Economics, of course, is a complex thing. The economy does not just depend upon additional tax receipts, but it depends in part on the ability to cut costs and the ability to stimulate both growth and productivity among the citizenry. Given how many different potential impacts this could have, it is easy to see how Ohio could stand to save many millions of dollars over the course of a given year. The state would receive more money in the instant when it got the opportunity to tax people who are using marijuana. This would be especially helpful for municipalities, which might be able to earn some extra money that could be used for things like schools, which tend to add to economic growth in the community, as well. On top of that, the legalization of marijuana would take a major burden off of the enforcement centers in the criminal justice system. Fewer arrests would be made, and the costs that go along with those arrests – including long-term costs for the people arrested – would be mitigated to some extent. In addition, there would be significant savings in terms of public defense, which is a rising cost both in the state and elsewhere. Both over the short run and the long term, the state of Ohio would become more productive, and it would be able to put its money into more productive things. Legalization would allow Ohio to take a step forward, matching the success stories elsewhere in the country.