Colorado legalized marijuana for recreational use in late 2012. Beginning next year, anyone with an I.D. can waltz into a marijuana dispensary, put $50 on the counter, and announce to the clerk that he’d like one eighth of an ounce of marijuana. And he’ll get it, without any interference from law enforcement. The market is stable.
The Colorado marijuana industry — which is responsible for thousands of new jobs, and is projected to raise $130 million in taxes for the state next year alone — has accomplished something not seen in this nation since the passage of the 21st Amendment.
It has taken an illegal product and legitimized it in the eyes of the government. It has made a notoriously sketchy transaction less of a hassle than buying Sudafed. What’s more, it has built a thriving economy after overcoming wild price fluctuations and crashes, stern government regulation, and absurd banking restrictions.
The last time something similar happened, 96.5% of the United States population hadn’t even been born yet.