Legalizing pot would slash prices

By as much as 80 percent, according to a new Rand study. That could bring down prices to as low as $38 an ounce, compared with the current $375 (more or less). Lower prices could increase consumption by up to 100 percent, maybe more, bringing usage levels back to the late 70s. Rand also cautions about counting on a massive tax payout from legalizing marijuana. All kinds of factors, including the level of taxation and the amount of tax evasion, could affect the totals. Of course, there's no way of really knowing how any of this would play out, which means both sides of the debate can make whatever wacky claims they like. From the press release:

"There is considerable uncertainty about the impact that legalizing marijuana in California will have on consumption and public budgets," said Beau Kilmer, the study's lead author and a policy researcher at RAND. "No government has legalized the production and distribution of marijuana for general use, so there is little evidence on which to base any predictions about how this might work in California,"

Two proposals are pending that would legalize the production and sale of marijuana in California - one an initiative on the November ballot and the other a bill in the state Assembly. Here's a link to the Rand report.