The United Kingdom could generate between $4.38 billion and $12.6 billion annually in tax revenue by legalizing and regulating cannabis for adult use, according to a new report by CLEAR, a cannabis reform advocacy group. The paper lays out a detailed framework for the UK’s potential cannabis industry, from cultivation to retail. The report proposes establishing a cannabis inspectorate to oversee commercial cultivation, importation, distribution and taxation. The aim is to create a regulated market similar to Canada’s, where after six years, over 70% of all cannabis sales occur through legal ch…