I favor legalization for all the reasons stated above.
As an aside, one of my best friends and neighbors is Keith Stroup, who founded the National Organization for the Reform of Marijuana Laws (NORML) in 1970 and who has since been and remains at the forefront of the legalization movement. In the course of his efforts, Keith has developed friendships with a fascinating cast of characters, to include the late Hunter Thompson, Willie Nelson and Hugh Hefner.
For those interested in the history of the legalization movement, and accompanying entertaining stories of individuals involved, you might wish to pick up Keith's book, It's NORML to Smoke Pot.
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