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What is the “right” price for marijuana (especially to combat a black market)?

The question in the title of this post is the focal point for discussion by a student this week in my marijuana law seminar. Here are some key materials that provide background professional normal on this interesting issue:

2010 Rand Working Paper, “Estimated Cost of Production for Legalized Cannabis

2005 MPP/Miron Report, “The Budgetary Implications of Marijuana Prohibition

The Price of Weed website/resource