Politicians who fail to learn from their stupid decisions are doomed to repeat them, and prohibitionist policies seem to offer the toughest lessons of all. Time and again, government officials impose bans on things they don't like only to drive the public to illegal sellers. Politicians then grudgingly "legalize" the market but burden it with taxes and red tape that keep the black market thriving. New York seems ready to recreate all of the mistakes of the past with a "legal" recreational market so hobbled that it will offer uncompetitive prices to consumers and daunting barriers to vendors.
"Since June 1, the New York's Cannabis Control Board has issued 162 recreational cultivation licenses," Bloomberg Tax recently noted. "Those fortunate enough to obtain one of New York's recreational cannabis licenses will be forced to contend with a gauntlet of state and local taxes."
