[discostu]

They’ll only get to undercut if the state over taxes. That’s the only way black markets ever wind up cheaper than white markets, people won’t take black market risks for white market markups.

[ConservingFreedom]

Bingo. If not at first, then soon enough white-market competition will drive down the prices.

[steve86]

Taxation was established long ago, at the time the referendum passed. Black market will be considerably cheaper (~40%).

people won’t take black market risks for white market markups.

Certainly some will; word is that most people who are currently procuring on the black market will continue to do so. The judicial system/law enforcement markup is the difference.