Colorado’s pot policies provide an exit strategy for the nation.

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Colorado’s pot policies provide an exit strategy for the nation.

Despite over 70 years of federal prohibition, tens of thousands of people throughout the nation are right now purchasing marijuana. But only in Colorado are these transactions legal, regulated, and taxed. The product being marketed is of known quality and potency. The seller is not a black-market dealer; rather, he or she is a paid employee of a licensed business explicitly authorized to engage in such transactions. The profits from these transactions bring fiscal benefits to the local community, not the black-market economy.

For decades public officials have warned that regulating cannabis production, sales, and consumption was a practical impossibility and that any significant change in marijuana policy would cause the sky to fall. Yet the initial experience in Colorado has shown these beliefs to be misplaced. State officials can regulate cannabis in a manner that satisfies the seller, the…

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