Legalizing marijuana in California would lead to a major decline in the pretax price, but the price for consumers will depend heavily on taxes, the regulatory regime structure, and how taxes and regulations are enforced. The lower price and nonprice effects will increase consumption, but it is unclear by how much. There is much uncertainty about the effect on public budgets; even minor changes in assumptions lead to major differences in outcomes.

U.S. demand for illicit drugs creates markets for Mexican drug- trafficking organizations (DTOs) and helps foster violence in Mexico. This paper examines how marijuana legalization in California might influence DTO revenues and the violence in Mexico.

Should we legalize marijuana? If we legalize, what in particular should be legal? Just possessing marijuana and growing your own? Selling and advertising? If selling becomes legal, who gets to sell? Corporations? Co-ops? The government? What regulations should apply? How high should taxes be? Different forms of legalization could bring very different results.
This second edition of Marijuana Legalization: What Everyone Needs to Know(r) discusses what is happening with marijuana policy, describing both the risks and the benefits of using marijuana, without taking sides in the legalization...

Should we legalize marijuana? If we legalize, what in particular should be legal? Just possessing marijuana and growing your own? Selling and advertising? If selling becomes legal, who gets to sell? Corporations? Co-ops? The government? What regulations should apply? How high should taxes be? Different forms of legalization could bring very different results.

This second edition of Marijuana Legalization: What Everyone Needs to Know(R) discusses what is happening with marijuana policy, describing both the risks and the benefits of using marijuana, without taking sides in the...