Legalization is just the first step. Marijuana must be regulated, and regulated effectively. The only way to draw the economical value out of Marijuana sales is to implement a tax system that generates government revenue without driving consumers to the black market once more. It comes down to the role governments want to have in the market. If a one-time flat fee is paid by businesses it could create revenue without effecting consumers. If the federal and state governments were to decide to discourage consumers from buying, a per-unit tax can be implemented much like the one on cigarettes.

Colorado is setting its tax at 25%. This compared to state and federal collections on a can of beer (8%) raise some questions about why the drug is being so symbolically discouraged.

The true word about the health benefits and downsides of marijuana use are still yet to fully surface. There are still more health concerns that need to be discussed and presented to the public. Although, there has been some research done on the extent of the harm it can do, it is thought to raise the risk of schizophrenia and undermine motivation. This argues for a consumption tax, and a fairly stiff one at that.

The next big step all pro-pot states must take is licensing. Anyone who wishes to move the drug must be willing to pay for the privilege, and it is crucial that so called “legal” marijuana is not driven under ground. Licenses will help regulating bodies not only have the dispensaries in their system, but also set standards and track abuse. Consumers need to know what they are getting, and this includes a clear notation on all products the correct amount of tetrahydrocannabinol (THC) content inside.