Watch the 60 Minutes piece entitled, “Marijuana in California: How Legalization of Weed Has Not Destroyed the Black Market” (Season 52, Episode 44). Then review the Public Choice Theory section (16-4) of Chapter 16. This URL has worked for me (sorry for all of the commercials): https://www.youtube.com/watch?v=rSvXkdoQ4EsLinks to an external site.
Write a short essay addressing the story in economic terms (supply and demand analysis, market structure, and marginal analysis, incentivizing, and public choice theorization). Focus on the obstacles represented at the growers, wholesale, and retail levels.
This piece last aired in April 2023, so feel free to provide any updates pertaining to the California marijuana market. Additionally, consider the impact on California’s economy in the years to come. Can you think of any actions that might alleviate the concerns of the participants in the legalized marijuana market? Make sure to address solution(s) in your essay.
Remember, if you use any outside materials, to cite your sources; and your work product should be your own.
If any of you having any problems with the link provided, here is the transcript link, which will sufficiently make you aware of the concern:
https://www.cbsnews.com/news/marijuana-in-california-black-market-weed-buzzkills-for-california-legal-weed-industry-60-minutes-2019-10-27/Links to an external site.
