Can Legal Weed Win?: The Blunt Realities of Cannabis Economics

Two economists explore the economics of legal and illegal weed, highlighting where cannabis regulation has gone wrong and how it could do better. The book "Can Legal Weed Win?" provides insights into how cannabis markets can thrive, how regulators get the laws right or wrong, and what might happen to legal and illegal markets going forward.

Format: Paperback / softback
Length: 232 pages
Publication date: 03 October 2023
Publisher: University of California Press

Cannabis legalization has not lived up to the expectations that were initially set. Across North America, investors are experiencing significant losses, tax collections are falling short of projections, and there is a growing sense of frustration among people. On the business side, companies have closed down, farms have failed, workers have lost their jobs, and consumers are facing high prices. The question remains: Why has legal weed failed to deliver on many of its promises?

In their book, "Can Legal Weed Win?", economists Robin Goldstein and Daniel Sumner take a critical look at the euphoric claims surrounding legal weed and provide a comprehensive analysis of the economic realities. This book offers a raw and unadulterated account of the new legal segment of one of the world's oldest industries. Goldstein and Sumner, through their witty and accessible prose, guide readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon extensive data and their firsthand experience working with California cannabis regulators since 2016, they offer insightful explanations as to why certain cannabis businesses and aspects of legalization fall short of expectations, while others occasionally succeed.

The stories presented in "Can Legal Weed Win?" span from the early days of America's first medical weed dispensaries in 1996 to the short-term boom in legal consumption that occurred during the COVID-19 lockdowns. The book is packed with unexpected insights about how cannabis markets can thrive, how regulators can get the laws right or wrong, and what the future holds for both legal and illegal markets. Goldstein and Sumner shed light on the challenges faced by cannabis businesses, including regulatory hurdles, market competition, and the need for effective marketing strategies. They also explore the potential benefits of legalization, such as increased tax revenue, job creation, and reduced crime rates.

Furthermore, the book offers practical advice for policymakers and industry stakeholders seeking to navigate the complex landscape of cannabis legalization. It provides insights into the best practices for regulating cannabis markets, such as implementing effective licensing systems, promoting diversity and inclusion, and addressing social and economic equity concerns. The authors also discuss the potential impact of federal legalization on the broader cannabis industry and the challenges that may arise.

In conclusion, "Can Legal Weed Win?" is a must-read for anyone interested in understanding the economics of legal and illegal weed. Goldstein and Sumner's comprehensive analysis provides a balanced and nuanced perspective on the challenges and opportunities associated with cannabis legalization. By offering unexpected insights and practical advice, this book contributes to the ongoing debate about the future of this industry and helps policymakers and industry stakeholders make informed decisions.

Weight: 272g
Dimension: 210 x 140 x 20 (mm)
ISBN-13: 9780520397378