On Election Day, voters in Colorado passed a ballot measure legalizing marijuana, setting the stage for a new, legal commercial marijuana market in the state. But as Leonard Gilroy and Harris Kenny observe, that market will only materialize if legalization is done right. Indeed, even if the federal government allows the state to go forward unmolested—a big “if” given the Obama administration’s demonstrated zeal to bust medicinal marijuana shops—there are a number of regulatory and tax issues that Colorado must first settle to create a functioning marijuana market. This won’t be easy, Gilroy and Kenny write, but it is vitally important that policy makers make the right calls lest the whole legalization movement get derailed.
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