Excerpt from The Wall Street Journal:
By BEAU KILMER
Discussions about legalizing marijuana should start with a few basic truths.
One is that legalization would save the law-enforcement and social costs of arresting hundreds of thousands of adults each year. (Most proposals would keep marijuana illegal for those under 21.) Another is that pot’s underground economy—estimated at $15 billion to $30 billion annually—would be largely wiped out if marijuana were legalized throughout the country. Finally, it is clear that legalization would greatly decrease price and, therefore, increase the number of both recreational and heavy marijuana users.
Beyond these facts, the ramifications get extremely murky. Being honest about the uncertainties involved is the price of admission to any serious discussion about marijuana legalization…
This is a good column from one of the folks behind the RAND study. Read it here.