Yeah, but that is with the "medical" farce, and the very real danger, until our new President was sworn in, that large scale growers would wind up in Federal prison.
What will it sell for when it has been legalized for years. When Monsanto (or some other big company) sells marijuana seeds in 50# sacks, and big corporations plant it not by the acre, but by the square mile. And when it is not smuggled to market, but loaded on railroad cars?
Sure, some folks will pay a premium for quality, just like you can pay $13 for 750ml of industrial grade vodka, or $350 for 750ml of 25 year old Scotch.
My point is that the price of marijuana is overwhelming attributable to the risk premium, and to the economic inefficiencies attributable to its illegality. Legalizing marijuana with a $1 an ounce tax would take most of the incetives for illegal production away. Legalizing marijuana with a $50 an ounce, $800 a pound, tax, just puts a cap on how much the illegal, non-taxed, retailer can charge, just as the $12.50 a gallon federal excise on spirits put a cap on how much the seller of moonshine could charge.
At $800 a pound, the tax on 500 pounds of marijuana would be $400,000. Plenty of incentive for smuggling.