CA Pot Legalization Could Drop Price, Create New Black Market


Legalizing pot may drop the price of a marijuana cigarette to as little as $1.50 in California, but taxing weed may create a whole new black market, says a RAND Corp. study reported by the Sacramento Bee. The study provides fuel for both sides of the debate over whether California should legalize marijuana for recreational use.

RAND said legalizing marijuana in California would drop the price of pot by more than 80 percent and increase consumption. It also said California could generate annual tax revenues either far higher or much lower than a much-publicized $1.4 billion tax estimate by the state Board of Equalization last year.

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