California officials are wondering why marijuana taxes haven't turned out to be a cash cow. Here the reason.
. The ostensibly hard valuation of the state’s marijuana crop was $14 billion, part of a nationwide marijuana trade worth more than $100 billion a year .Yet this statistic was manifestly the product of a galaxy of magic asterisks. Its principal source was a 2006 study by Jon Gettman, a former president and national director of the National Organization for the Reform of Marijuana Laws .
The Justice Department again revised the estimate in 2007 to a range of 12.3 million to 20.7 million pounds, a uselessly wide range. The DOJ evidently had added up the total amount of marijuana reported seized by law enforcement agencies and guessed that the cops had found only 30% to 50% of the total, but didn’t say how they reached that conclusion.
It’s true that there are sound policy reasons to legalize marijuana. Prohibition places a burden on all levels of government, including tens of billions of dollars a year squandered on arresting, trying and jailing sellers and users.
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