Leaving aside the social issues, there is a very strong case to legalise marijuana, and apply an excise duty. Importation would of course have to be strictly controlled, and possibly use (cafes as per Amsterdam for example). Hold off on the kneejerk reactions for a second and consider;
Unfortunately it would be political suicide, but financially it would be a good idea.
I don't smoke it btw (used to in college, but not any more)
- Government revenues would increase
- Policing costs would fall/be more effectively employed
- The courts would be less choked up with drugs cases, making for a faster dispute resolution system which could only help the business environment
- There would be increased tourism as people come here for a legal high (particularly from the UK)
- Quality could be monitored, improving safety for users
- Supply could be regulated, taking the trade from the gangs, and reducing their power on the streets
- Taking marijuana out of the criminal circle would most likely reduce the propensity to move on to other more dangerous drugs.
Unfortunately it would be political suicide, but financially it would be a good idea.
I don't smoke it btw (used to in college, but not any more)