The Legalization of Marijuana
The Benefits of Legalizing Marijuana
By Robert Tanner
On November 6, 2012, Colorado passed Amendment 64, which outlined a statewide drug policy for cannabis. This popular initiative ballot measure was an electoral first not only for America but for the world, and is now enacted as Article 18, section 16 of the state constitution. The law approves “personal use and regulation of marijuana” for adults 21 and over, and effectively regulates the drug in a manner similar to alcohol (Amendment 64). Since Amendment 64 was enacted in 2012, the financial and legal benefits of legalization have become apparent, strengthening the argument for regulation of the drug across the nation. This new legislature has proven the legitimacy of marijuana as a source of revenue for both the state and federal government. The enactment has been another example of the inefficiency of prohibition at the national level.
Colorado took over a year after passing Amendment 64 to set the rules governing how marijuana will be grown, sold, and taxed. With the whole world watching, they were finally able to decide on the detailed rules, which were implemented January 1st, 2014. Sam Kamin, a professor at the University of Denver who advised Colorado on its regulations, says finding the “sweet spot” for taxation is key. Too low of a tax will result in minimal revenues generated for the government, but pricing too high risks a black market comeback. Kamin is hopeful that the evidence that comes out of Colorado will be able to help California devise its own plan for a regulated marijuana market by 2016. “We’ll have good data on what happens in Colorado by then,” he says (New Laws Chart… TIME). There’s no doubt that other states, as well as the federal government, will be paying close attention to the legislation in Colorado and the effects on the economy.
Amendment 64 gave Colorado residents the opportunity to legally purchase marijuana for recreational use, and also gave their government the
By Robert Tanner
On November 6, 2012, Colorado passed Amendment 64, which outlined a statewide drug policy for cannabis. This popular initiative ballot measure was an electoral first not only for America but for the world, and is now enacted as Article 18, section 16 of the state constitution. The law approves “personal use and regulation of marijuana” for adults 21 and over, and effectively regulates the drug in a manner similar to alcohol (Amendment 64). Since Amendment 64 was enacted in 2012, the financial and legal benefits of legalization have become apparent, strengthening the argument for regulation of the drug across the nation. This new legislature has proven the legitimacy of marijuana as a source of revenue for both the state and federal government. The enactment has been another example of the inefficiency of prohibition at the national level.
Colorado took over a year after passing Amendment 64 to set the rules governing how marijuana will be grown, sold, and taxed. With the whole world watching, they were finally able to decide on the detailed rules, which were implemented January 1st, 2014. Sam Kamin, a professor at the University of Denver who advised Colorado on its regulations, says finding the “sweet spot” for taxation is key. Too low of a tax will result in minimal revenues generated for the government, but pricing too high risks a black market comeback. Kamin is hopeful that the evidence that comes out of Colorado will be able to help California devise its own plan for a regulated marijuana market by 2016. “We’ll have good data on what happens in Colorado by then,” he says (New Laws Chart… TIME). There’s no doubt that other states, as well as the federal government, will be paying close attention to the legislation in Colorado and the effects on the economy.
Amendment 64 gave Colorado residents the opportunity to legally purchase marijuana for recreational use, and also gave their government the
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