Also in this playlist...
This transcript is automatically generated
On -- legal in Colorado you think the state would be in line for a -- more tax revenue.
But a new study from Colorado State University says pot legalization may not even pay for itself -- -- Let's explain this let's bring in Jeffrey Miron he's been whining about legal marijuana.
Senior fellow at the Cato Institute.
You go along with that -- that -- legalized -- at least now in California is not a moneymaker.
I think that's right the issue is that when you keep.
The federal law in place that bans marijuana.
Most of the businesses that are selling marijuana letters -- just -- California or fully legally.
Soon in Colorado Washington they're still gonna stay in the shadows because the federal law trumps the state law.
And so you don't want to be illegal business making deposits and regular banks if all of your assets can be seized by the federal government if you come above ground.
So I think in the short term there isn't going to be that much revenue from legalize marijuana.
OK so take away the problems with the feds who -- -- marijuana is still legal and national -- you take that off the board for a second.
Do you think that -- on a legal marijuana -- -- cal Colorado would be very profitable for the states.
-- it would certainly be profitable if they if the legal regime -- such that the businesses can come fully above ground and they will.
If there's no legal impediment to doing so then I think that -- like Colorado could probably were taken 4050 million dollars a year.
Remember as well even if the federal government doesn't change the states that legalize can stop making arrests can stop prosecuting people for marijuana can lay off prison guards and so on so they can realize a budgetary benefits even without the tax revenue it -- just give me the politics for a second I would've -- -- that President Obama.
Would be in favor of relaxing federal -- at least saying look I'm not gonna prosecute to the federal level I would have thought he would have gone that way.
Why hasn't it.
Well I think that there are lots of groups even within the Democratic Party the liberal side of spectrum.
That are not so sympathetic to marijuana legalization the drug czar's office of the White House is very opposed.
The law enforcement people in the DA in many police departments are opposed.
I'm in addition.
If Obama's does that if he says he's not gonna enforce that are at least not -- -- vigorously.
He's gonna give Republicans an issue on which to criticize them so I think he's sort of stock.
Even if in his heart apart she would like to just go ahead and allow the legalization to take place and you've studied this very very closely I just when you if you could give is a time frame.
When if ever there do you do you think we'll have fully legal across the board of the federal level the state level.
Buy it wherever you want it smoke it when you got it and just a free okay go forward across the boy when that we -- that.
You know economists are not separated understanding of -- or even less -- forecasting the future.
But I kind of expected to happen in my lifetime but I don't think it's in five years or even ten years I think there's still a lot of evolution of people's feelings and attitudes.
Before we're gonna -- a full legalization you just described actually I'm inclined to disagree with -- I think it might come along well I hope you're right here there and do you have your -- if you're in favor of full legalization -- off.
Oh absolutely I'm absolutely in favor.
But I'm not sure it's gonna happen right away now you put a figure of twenty billion dollars on the net total benefit of full legalization.
Is is that full legalization of the federal in the state level.
Yes that's the total budgetary benefits of the federal plus state governments if we fully legalized and all levers levels of government.
And it's not nothing but of course it doesn't fundamentally changed don't fiscal map of the United States either it's a nice thing to have.
But the more fundamental question is do you think the government should be interfering in people's decisions about using marijuana.
Did you factor in exports to your equation I'm not joking.
I am told that American biologists have come up with a little seeds that -- -- the most.
TH C content for example and that we could ex governor -- export market going if we could.
You know I think about that.
I think we would probably have some exports -- -- is we have some exports of say wine or beer -- If we were to legalize a bunch of other countries would legalize as well also we'd be competing in a global market place.
It's not obvious that on that we'd be a very big exporter anymore than for lots of other -- I can't resist this it it is it true -- that American we'd.
Went however you can you manufacture the civil grow this up is the best in the world is that true.
I don't know I don't consume it so I really have no good idea I what I've read I think that actually the stuff from another lands it's probably best in the marketplace because they've had.
Very close to legal regime for longer than we have been so there's a lot of very high quality stuff from there.
But I really -- I don't know for sure all right -- -- -- we appreciate you being with us thank you very much indeed so.
My brother because to me -- that we.
Filter by section