California’s experiment in marijuana legalization is spurring some radical thinking on the political left. Lo, high taxes and over-regulation are bad for the economy—or at least the pot economy. Golden State voters in 2016 legalized recreational marijuana on the promise that this would reduce the black market. While marijuana remains a banned substance under federal law, nine states including Washington, Nevada, Oregon and Colorado have legalized consumption and production within their borders. Many are still struggling to...

Source: Wall Street Journal March 23, 2018 23:03 UTC