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Prohibition

Economics/Politics

Even Partial Drug Legalization Goes a Long Way In Protecting Property Rights

The partial legalization of marijuana has not been particularly ideal. Thanks to high regulatory burdens on the marijuana-production industry, limitations on production volume, and high taxes, black markets have persisted within those states that have adopted a variety of legalization measures. Perhaps most burdensome has been ongoing federal banking regulations that essentially prohibit marijuana producers from using commercial banking services. The resulting reliance on physical cash has led in many cases to more robbery and inefficiencies within the cannabis industry. Nevertheless, even partial legalization has brought at least some of the benefits that one would expect. Cannabis products are now subject to commercial quality control. That is, a customer who walks into a dispensary or storefront now has a much better idea of what he’s buying. When cannabis sales took place only in the black market, one could only guess at the provenance of the product, and customers had no legal recourse in cases of fraud. One of the greatest benefits, from a laissez-faire perspective, has been the fact… Keep Reading

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