With a bill to legalize marijuana on the November California ballot, the controversy over the prohibition has reached a new high. Supporters see the potential tax revenues as a solution to the state’s mounting budget crisis, while those against argue that the increased use of marijuana will bring with it additional health care costs that far outweigh any economic benefits. We couldn’t think of a more appropriate day than today, 4/20 to take a look at the economic implications of a repeal of the prohibition. Is this a viable plan to get the state out of the weeds or just some kind of reefer madness?
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