“What would have happened if one or two states had somehow managed to legalize alcohol during prohibition? Most likely, those states would have become centers of entrepreneurship with retail outlets, medicines, and innovation in equipment, machinery, and other forms of capital related to alcohol-related industries.  With the recent legalization of recreational cannabis use in both Washington state and Colorado, we’re able to see a similar experiment in action.  While the 18th Amendment prohibiting alcohol production and sales precluded state-level legalization, federal drug laws enjoy no such constitutional backing.”

http://mises.org/daily/6669/Colorados-New-Cannabis-Economy

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