Recession and inflation aside, cannabis can be expensive. But when it’s a regular part of your life, you need to treat it like any other life expense and budget accordingly.

For medical marijuana patients, cannabis purchases are just as important as any other prescribed medicine. On the other hand, recreational aficionados need to stay vigilant, so as not to let a joyous hobby run away with them and their wallet.

Boring as it sounds, budgets remain the responsible way to manage your finances, and there’s no reason cannabis shouldn’t be a part of your monthly spreadsheet. If you don’t know where to start, don’t fret! Here’s some tips for how to make a weed budget.

Start with your income and calculate your expenses

To begin, look at your income. Are you paid monthly, weekly, or biweekly? Do you have a steady job, or do you freelance and pick up gigs? Create your budget around your income or closest estimate.

For example, if you’re paid monthly, you may want to make your trip to the dispensary on a monthly basis. If you get a biweekly check, you may want to set aside a specific amount each week for cannabis. For the self-employed, keep in mind that your paychecks won’t have taxes taken out, so make sure you account for dues before putting money in your weed fund. 

Then, sit down and budget out your other expenses. How much do you spend on food? Rent? Utilities? Car? Phone? Other necessities? How about non-necessities like your weekly trip to Starbucks or Disney+ account? 

Now that you have an overview of your expenses take a look at how much you want to be spending on cannabis.

Decide where cannabis falls on your list of necessities

Are you buying cannabis as medicine or for recreation? All cannabis use is valid, but your budget may require one to take precedence over the other. As a medical patient, cannabis is likely pretty high up on your list of necessities, alongside food, shelter, and other quality-of-life essentials. 

On the other hand, if cannabis is a recreational enjoyment, you may want to categorize it with things like trips to the movies or even monthly subscriptions like Netflix and Game Pass. Think of things you know you’re going to spend money on each month but can survive without.

With the hierarchy of importance decided for your cannabis budget, you can now decide how much you want to spend each week or month on cannabis. Choose that number and stick to it.

Stay vigilant with your cannabis spending habits and adjust accordingly

Now that you’ve decided how much you’d like to be spending on cannabis a month, it’s time to start paying attention to your consumption habits. Is the number you’ve chosen realistic?

Pull up your banking apps or dig out those old receipts. Look at how much you’ve spent over the last three months and calculate the average. Does your budget fit into this? If so, fantastic! If not, it may be time to start observing your habits and finding ways to adjust them.

Are you always the one who throws in the most when friends come over? Maybe your generosity does you a disservice that you can’t afford to continue with. Are you spending a lot on accessories like glass? Perhaps it’s time to resell some of the older pieces you don’t use as much or take a break from building your collection.

Or maybe you’re realizing that the budget you set is just plain unrealistic. If that’s the case, you can look at other areas of your life where you have frivolous spending and cut back on them. Whether that’s less coffee runs or buying the less expensive pasta sauce, make sure you’re finding balance between necessities and non-necessities. You won’t do yourself any good if you’re buying more weed at the expense of more groceries.

Track your cannabis spending going forward

You have a plan! Now it’s time to make sure you’re executing it. Starting now, track your cannabis spending each week, or month, according to the budget you’ve set. This will work best if you’re also tracking all of your spending, so that you can see where you may be under or over spending and can adjust as needed.

If you find it difficult to keep track of your spending, you may want to utilize free software like Excel spreadsheets or the app, Mint by Intuit. This can be a great choice for those making legal purchases. The app is easy to install and links to your bank and credit cards. And you can even credit custom categories—perfect for creating a budget and monitoring dispensary spending. Other budgeting software exists and are viable options as well.

Otherwise, pen and paper are your friend and can be a great resource for monitoring every dollar spent. After a few weeks or months, you’ll get a very clear picture of how well you’re sticking to your budget. From there, you can adjust as needed or sit back and feel confident in your spending.

Remember your intention

Budgeting isn’t always fun, but it works. As you continue tracking your cannabis spending, keep your intention in mind to motivate you to stick to your budget. Did you want to take greater control of your spending? Build a savings account? Cut back on superfluous spending? Whatever your reason, let your intention guide and motivate you to keep up with tracking your spending and adhering to your budget, and cannabis will be just another planned expense as you reach your financial goals.

An economic winter is coming, but don’t worry; we’ve compiled ten ways cannabis can revive a depressed economy.

When many people hear “cannabis,” they may think of it as a recreational activity or a medical necessity. And it is. But it’s more than that.

So while politicians will inevitably announce “stimulus” and bailouts, the real solution will come from entrepreneurs in a free market.

And since Canada has already legalized cannabis, that’s one hurdle out of the way. Next, cut all the regulations that prevent cannabis from reviving a depressed economy.

Difference Between Hemp and Cannabis

First, let’s briefly discuss the difference between hemp and cannabis.

Centuries of selective breeding have split the cannabis sativa genus into two identifiable crops: consumable cannabis and industrial hemp.

Hemp may be the most sustainable crop on the planet. It is one of the fastest-growing, requires little water, and no pesticides.

It also returns nutrients to the topsoil. Topsoil erosion is a huge problem that, if not dealt with, will result in the starvation of billions before the end of the century.

Ten Ways Cannabis Can Revive a Depressed Economy

#10 – Hemp Biofuels 

We’ve covered this topic before. Naysayers “debunk” this idea based on current hemp strains. But this would be like calculating Canada’s current grain production using wheat stains from the 19th century. You’d conclude that we don’t have enough land to feed ourselves, let alone export.

Likewise, current hemp strains aren’t ideal for biodiesels, but that doesn’t make the idea unworkable. Hemp can create biofuels that power cars and other goods. Transitioning to hemp reduces dependence on Saudi oil and restores Canada’s energy security.

And, of course, creating biofuels creates jobs.

#9 – Industrial Hemp 

Speaking of hemp, we can use it to produce various industrial products. In fact, hemp was once the preferred choice for several consumer products. Consider the jobs created in manufacturing and construction by making hemp paper, textiles and building materials.

Entrepreneurs can produce hempcrete, a sustainable building material made from hemp, lime, and water. It is durable, fire-resistant, and energy-efficient. We can use hempcrete in construction projects, creating job opportunities in the construction industry.

#8 – Clothing Industry 

Right now, a lot of our clothes are cotton-based. Cotton requires pesticides that build up in the soil and contaminate drinking water. Plus, Canada can’t grow cotton. We rely on the United States.

A hemp-based clothing industry not only creates manufacturing jobs but also supports retail.

#7 – Hemp Plastics

Entrepreneurs can use hemp to create biodegradable plastics. A cannabis-hemp plastics industry creates jobs and helps revive a depressed economy, and it’s environmentally sustainable.

#6 – Food 

Cannabis not only helps revive a depressed economy, but it can also relieve food shortages. From protein bars to milk, the growth of the hemp food industry creates jobs in farming and manufacturing, processing plants, and retail.

Ten Ways Cannabis Can Revive a Depressed Economy

#5 – Cannabis Tourism

Tourism is one of the first sectors to notice when people are strapped for cash. However, people don’t stop wanting time off from work. And in a depressed global economy, cannabis tourism may be one of the more affordable options.

That’s why Canada is shooting itself in the foot with these “public health” approaches to legalization. We’ve entirely rejected the idea of cannabis tourism. There are little-to-no consumption lounges, cannabis-centric hotels, or cannabis-infused restaurants.

Gutting the “public health” approach to cannabis legalization and liberalizing the laws will help revive an already depressed cannabis tourist economy.

#4 – Beauty Products 

What sector survives, even thrives, during economic recessions? Beauty products. You can come up with all sorts of reasons why that may be, but the fact is, the Lipstick Index shows how many women consider beauty products just as essential as food and housing.

Entrepreneurs already incorporate hemp oil into beauty products like lotions and shampoos. Growing this industry creates jobs in manufacturing, retail, and marketing.

Ten Ways Cannabis Can Revive a Depressed Economy

#3 – Research and development

With cannabis reviving a depressed economy, you can make money in research and development. Cannabis and hemp research can lead to new discoveries and innovations in medicine, agriculture, and manufacturing.

Create a hemp strain that can survive Canada’s harsh conditions on the prairies, and you could make millions.

#2 – Banking

Cannabis banking remains elusive even in Canada, where it’s legal. The rationale is that Canadian banks are too exposed to the American market and don’t want to piss off D.C.

But considering that this global depression will result from fraudulent banking practices, perhaps the most critical way cannabis can revive a depressed economy is by taking over the money itself.

Cannabis as money? It’s not as far-fetched as it sounds. Money originated as a commodity people liked to have. People like owning gold, but it also works as an effective medium of exchange.

Likewise, people like consuming cannabis, but like cigarettes in prison, grams of cannabis have exchange values that make for effective money.

Cannabis hashcoin to revive a depressed economy? Stranger things have happened…

Ten Ways Cannabis Can Revive a Depressed Economy

#1 – Agriculture

Of course, the #1 way cannabis can revive a depressed economy is through agriculture. Canada is one of the largest agricultural producers and exporters in the world. We should use hemp as a rotational crop to improve soil health and prevent erosion.

As per the 2016 census, there are 193,492 farms in Canada. The average Canadian farm is about 800 acres. To revive a depressed economy, we ease the agricultural sector’s burden by reducing these farms’ taxes and regulations.

Even communist Cuba realizes when shit hits the fan, you need a free market in agriculture. Canadians can support their farmers and future farmers by reducing financial burdens and incentivizing hemp and cannabis production.

Ten Ways Cannabis Can Revive a Depressed Economy

These aren’t the only ways cannabis can revive a depressed economy. And obviously, none of these proposals will work if the Canadian government continues to excessively tax income, capital gains, sales, hotels, employment, carbon, airports, natural resources, businesses, tolls, car tires, guns, fuels, schools, cannabis, alcohol, payroll, customs, and imports.

Once upon a time, Canadians knew they couldn’t compete with the U.S. economy. So our politicians focused on ensuring our business environment was friendly. That our taxes were lower.

As the 1940 Royal Commission reported, “British North American governments did not concern themselves with the daily regulation of the daily pursuits of the people… They took seriously their responsibilities for defence and maintaining internal order but they carried them out with frugal care.”

We’ve clearly lost this Canadian tradition. For cannabis to revive a depressed economy, we’ll have to revive this idea too.