Legalizing any product will almost certainly reduce its price, even if you factor in a heavy vice or excise tax which will be attached to legal weed. And it will definitely encourage more people to start growing and selling pot, increasing supply and, ceteris paribus, driving down prices. So we can all understand why pot growers might be nervous at the prospect of legalization. And hopefully they can understand why their fears about competition are no more compelling than those of any producer in a free-market economy.
(Image: Medicinal marijuana user Dave Karp smokes marijuana at the Berkeley Patients Group March 25, 2010 in Berkeley, California. California Secretary of State Debra Bowen certified a ballot initiative late Wednesday to legalize the possession and sale of marijuana in the State of California after proponents of the measure submitted over 690,000 signatures. The measure will appear on the November 2 general election ballot. By Justin Sullivan/Getty Images)
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