A New Competitor on Horizon?

Dear Client:Colorado, Oregon, and Washington state all have ballot initiatives to legalize marijuana, and, according to the Journal, at least two of the campaigns "have realistic chances of success." It has been said that several states that have considered legalized marijuana would structure sales similar to alcohol, with a three-tier system and excise taxes. Yes, it's not a coincidence that states are facing record budget shortages and are casting about for new things to tax. And public support has swelled: