Marijuana: The Key to Reviving the Texas Economy?

DALLAS - States that depend on energy revenue never predicted oil prices would go so low, or worse, stay there. Several states like Alaska and Louisiana have even seen credit ratings downgraded.

Texas, another major oil producer, has been able to balance its budget, thanks to a more diverse economy. However, experts say a state like Texas can only weather this economic storm for so long.

One burgeoning industry is taking notice of this problem and is offering a solution.

Marijuana the Solution?

"Creating a new marijuana industry in Texas brings more revenue and taxes with it. Whether it's cultivation, or manufacturing, or production, there's a lot of opportunity for money to be spent and for the government to collect it and the good thing is that this industry knows its going to be taxed and they welcome it," Phillip Martin, with Progress Texas, said.

Texas lawmakers have fended off attempts to legalize marijuana for years, but last year they passed a state law allowing for very limited uses of cannabis oil, or marijuana, for patients suffering from seizures or epilepsy. Now advocates for legalizing marijuana say it's only a matter of time before more legislation gets through.

"I think we have tremendous opportunity to improve our economy, improve our safety, and to make a healthier Texas and all kinds of healthier marijuana policy reforms will help us get there," Martin said.

According to the Marijuana Business Fact Book, the legalized weed industry could pump as much as $44 billion a year into the economy by the end of 2020.

"We're eager to see that opportunity seized in this state. We just have to study it, we have to understand it a little bit better and then go show lawmakers that this is the real opportunity that we have," Martin said.

A majority of conservative lawmakers aren't quite as optimistic. Gov. Greg Abbott says Texas won't legalize marijuana as long as he's in office, and Lt. Gov. Dan Patrick opposes it as well.

Negative Health Effects

Physicians agree with that position.

"Why would we legalize something we know is so incredibly bad for you?" questioned Dr. Harold Urschel, chief medical strategist at Enterhealth in Dallas.

Enterhealth is a drug and alcohol rehab center. Urschel says the notion that marijuana can be safe simply isn't true. 

"We see people here at Enterhealth all the time on marijuana. I mean, probably a good 40 percent of our addicts are either primary marijuana or have it as an important part," Urschel said.

Besides obvious side effects such as slow reaction time, change in depth perception, and the inability to make quick decisions, Urschel says marijuana can pose significant health risks.

"Marijuana, when you're smoking it, is four times more carcinogenic than a cigarette. So your risk of lung cancer is four times greater with marijuana than with a cigarette," he said.

Arrests: Increase or Decrease?

The state's powerful Sheriffs Association is also taking a stand, saying it doesn't support making a gateway drug legal.

Advocates for legalization argue that proper marijuana legislation, like decriminalization, would actually free up cops to focus on more significant crime.

"There's a law we've been considering that would remove jail time for a small possession of marijuana and replace it with a simple fine. We find that 88 percent of serious crimes in Texas went unsolved in 2012. If we take cops away from having to worry about petty crimes and let them focus on the real things that matter, I think people will support that," Martin said.

Former Police Chief G.M. Cox disagrees, saying one of the unintended consequences would be an increase in policing. 

"Just because something is legal doesn't mean enforcements going to go away," Cox said.

He compares it to alcohol use.

"We already have officers that have to enforce alcohol consumption, the results of alcohol consumption, what we call public intoxication. Many times it bleeds over into domestic violence, disorderly conduct. So those officers are still doing that, they're just not enforcing whether you have that beer legally," Cox said.

Cox also points out that the number of people driving under the influence would likely increase significantly. Marijuana affects drivers much like alcohol, but there's a major difference on how long it stays in your system.

"The important difference between marijuana and alcohol is this; alcohol stays in your brain for about 12 to18 hours. Marijuana stays in your brain from between seven days to six weeks," Urschel said.

Still, even in conservative Texas, there are signs of shifting opinions. One bill passed last year allows cannabis oil in the treatment of epilepsy patients.

Supporters hope to take the conversation further but face a unified team wanting to shut down any momentum.