"New York’s plan to issue commercial licenses for pot sales through a priority list is absurd from an economic perspective. Licenses should be issued through an auction to the highest bidders. The licenses should also be numerous enough to ensure a competitive environment. Then the city would have the most efficient outlets selling at competitive prices.
If the state wants to compensate those harmed by previous unjust laws, it should use the tax money from legal pot sales to give those individuals cash grants.
Mario J. Rizzo
Professor of Economics
New York University
New York"
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