Washington and Colorado Likely to Legalize Marijuana

Marijuana policy is one of many issues that have gone un-debated or under-debated by the Presidential campaigns, but it is an issue that the election’s victor will have to deal with almost immediately. That’s because the marijuana legalization ballot initiatives in Washington and Colorado appear likely to pass.

If just one state allows marijuana to be produced using modern agricultural methods, the price is going to collapse, flooding the country with dirt-cheap, high-potency product. What will the federal response be?