While it was not part of this study, the economic impact of legalized hemp would dwarf the fiscal impact of legalizing pot.
Regulation should be fairly simple, restrict licensing to pharmacists and licensed alcohol dealers.
I also don't see the point in limiting taxation to either "like all other goods" or "comparable to those on alcohol and tobacco". Consumers are now paying $100-500/ounce for a plant that's easier to grow than tobacco. If I can buy a pack of 20 Marlboros for $4, and everybody involved in producing and selling that pack made a good profit, those numbers can easily be matched for marijuana production. Set a government established price of $50 for a pack of 20 "joints", or a loose ounce, with $40 of it split equally between the Feds and the States, and $3 going to fund drug rehab for anybody who wants help.
Yeah excellent point, explained in details! Thanks!