It's simple, really. Just get rid of the federal laws against the possession, sale and distribution of marijuana, in any amount. Too many people in jail while some drunk runs over a stroller. Here's what I believe will happen if they make it legal:
1. The price of pot will go WAY DOWN because these things will happen:
A. Tons more people will grow it, the supply will outstrip the demand. Pot grow warehouses will spring up like crazy. I mean BIG warehouses (Hello, Pfizer). You can grow it on a farm but once people find out where the farms are, they'll wait for harvest and steal it from the farmer. When the price goes way down, some of the warehouses will go idle due to the decline in price.
B. The cartels won't make any money off it; they'll have to figure out something else (cocaine, meth, heroine, etc.).
2. 800,000 potheads will get out of jail.
3. Initially, the sales tax revenue will be substantial, but soon enough, government won't be able to rely on the revenue because the prices will go way down, people will grow their own, etc.
4. And finally, 800,000 potheads will get out of jail.
Think about people growing it in their homes: IT'S EASY. We don't make our own cigarettes or booze but after all the lights, nutes, grow medium and accessories costs, a lot of them will stop growing it and just buy it at the local liquor store for $5-$10 an ounce. Lots of people won't die senselessly because of the "WAR ON DRUGS". Juarez might actually become a decent place to visit. Californians relying on the legalization for income will be disappointed in a few years when the furor (and the tax revenue) dies down.
Can you imagine what a bottle of 10-year old scotch would cost if we still had Prohibition?