"Legalize marijuana, and the demand for marijuana goes up substantially as the deterrence effect of law enforcement disappears. Yet not many suppliers will operate legally, refusing to subject themselves to the established state regulatory scheme— not to mention taxation—while still risking federal prosecution, conviction, and prison time."
Laughable BS. As a first-year econ student could have predicted, when the drug alcohol was legalized, legally-operating suppliers sprung up, and illegal supply was rapidly relegated to a footnote.
Not if...the States and Feds try and tax it way too much.
From the article....they said CA even suggested a $50 per ounce tax. Of course it's CA...and they are dumb and crazy.
If that were the case though.....I could see growers still growing.
FWIW