Interesting article on Slate by Matthew Yglesias where he examines the finances behind pot if it were legal -- and how, if it were, a joint would be worth a few pennies at most.
How cheaply could pot be grown with advanced farming techniques? One potential data point is Canada's industrial hemp industry, where production costs are about $500 per acre. If the kind of mid-grade commercial weed that accounts for about 80 percent of the U.S. market could be grown that cheaply, it implies costs of about 20 cents per pound of smokable material: Enough pot to fill more than 800 modest-sized half-gram joints for less than a quarter!. Those numbers are probably optimistic, since in practice recreational marijuana is grown from more expensive transplanted clones rather than from seeds. Even so, the authors note that "production costs for crops that need to be transplanted, such as cherry tomatoes and asparagus, are generally in the range of $5,000-$20,000 per acre." That implies costs of less than $20 per pound for high-grade sensimilla and less than $5 a pound for mid-grade stuff. Another way of looking at it, suggested by California NORML Director Dale Gieringer, is that we should expect legal pot to cost about the same amount as "other legal herbs such as tea or tobacco," something perhaps "100 times lower than the current prevailing price of $300 per ounce -- or a few cents per joint."
This would make pot far and away the cheapest intoxicant on the market, absolutely blowing beer and liquor out of the water. Joints would be about as cheap as things that are often treated as free. Splenda packets, for example, cost 2 or 3 cents each when purchased in bulk.
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