Two weeks ago, the Washington Examiner’s editorial board criticized Rep. Nancy Mace (R-SC) and me for our legislation to remove marijuana as a Schedule I substance. In its op-ed, the editorial board does mental gymnastics to claim that the continued prohibition of marijuana is the solution to black markets and completely disregards the potential to advance the medical benefits it is capable of offering.
By the editorial board’s own admission, “burdensome and complicated” regulatory regimes in states where marijuana is legal have allowed black markets to undercut the legal markets, increasing crime and decreasing revenues for state governments. But they mistakenly — or perhaps disingenuously — place the blame on legalization. The problem of black markets, and the crime created by them, is due to politicians overregulating and overtaxing the legal product. If states want to destroy black markets, legislators should simplify and reduce regulation and adjust tax rates so that prices in the private market are as competitive as possibl
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