CashTransactionAtDispensaryImageMichaelGouldingOrangeCountyRegister

The price of cannabis is falling, suggesting a supply glut

Hazy regulations encourage American marijuana firms to list in Canada.

After he was busted in 1974, Jeffrey Edmondson, a small-time dealer of marijuana, cocaine and amphetamines in Minneapolis, faced a daunting bill from the taxman for all his illicit income.

He argued that he should be allowed to deduct $100,000 worth of business expenses, and a court agreed.

Enraged, Congress revised the tax code in the early Reagan years, forbidding tax exemptions for drug traffickers.

Read More at Economist.com



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