ResearchPDF Available

The Economic and Social Benefits of Legalisation and the Economic and Social Costs of Re-Criminalisation. [Unpublished Work].

Authors:

Abstract

This paper addresses the topic of legalisation and re-criminalisation of cannabis and its likely economic and social costs/benefits for both extremes.
!
"!
!
#$%&'()*%+!','*&+)!-.++%++*.&!./!'!012,!+3.2(0!&.)!4%!5.1%!0'5',*&,!).!'&!
*&0*6*02'(!)3'&!)3%!2+%!./!)3%!012,!*)+%(/7!8!9*55:!;'1)%1<!=>)3!$1%+*0%&)!./!)3%!
?&*)%0!@)')%+!./!A5%1*B'CD.(('&0<EF"F<!-GEHG!
!
!
!;'&&'4*+<! %I2'((:!J&.K&! '+! #!"#$%&"'"(<! *+! '! =L! 5*((*.&! :%'1! .(0!
4*.0%,1'0'4(%!-('&)!)3')! 3'+!4%%&! 2+%0!4:!325'&+!'+!'&!',1*B2()21'(<!5%0*B*&'(!
'&0!1%B1%')*.&'(!B.55.0*):!+*&B%!ELFF! M;NCD.(('&0<EF"FHG! ;'&&'4*+!3'+!4%%&!
0%%-(:! 1..)%0! *&! &25%1.2+! B2()21%+! '&0! 1%(*,*.&+<! +2B3! '+! A&B*%&)! ;3*&'<!
-1%6*.2+(:! &'5%0! )3%! #O'&0! ./! P2(4%11:! '&0! D%5-7CP.&),.5%1:<! ">>Q<! &.!
-',*&')*.&H'&0! B.&+*0%1%0! '! +'B1'5%&)'(! 'B)! 4:! )3%! R.1.'+)1*'&! 1%(*,*.&! ./!
A&B*%&)!$%1+*'CP.&),.5%1:<">>QHG!!
!
! A()3.2,3! B'&&'4*+! 3'+! 4%%&! B1*5*&'(*S%0! '&0! +)1*B)(:! -1.3*4*)%0! 4:!
B.2&)1*%+! +2B3! '+! )3%! ?&*)%0! @)')%+! +*&B%! )3%! ">=T! P'1*U2'&'! V'W!
AB)CP2+).<">>"HX!)3%! 1.'0! ).! (%,'(*S')*.&! 3'+! &.)! 4%%&! -1%6%&)%0G!
Y.&.32%CEF"ZH+)')%+! )3')! /1.5! '&! %B.&.5*B'(! -%1+-%B)*6%<! +B3.('1+! '&0!
-.(*B:5'J%1+! 3'6%! 4%B.5%! *&B1%'+*&,(:! +J%-)*B'(! '4.2)!)3%! [\'1! .&! Y12,+]!
'--1.'B3!'+!4%*&,!)3%! 0%B*+*6%! B.54')'&)!).!2()*5')%(:!.2)('K!&'1B.)*B+!K3*(+)!
-1.+-%1*&,!)3%!&')*.&]+!K%(/'1%G!V3*+!*+! B.&+*0%1'4(:!02%! ).! *)+! B.&)*&2*&,!3*,3!
%&/.1B%5%&)! B.+)+! '&0! /'*(21%! ).! 'B)! '+! '! 0%)%11%&)G! P.1%.6%1<! @K*/)CEF"=H!
+2,,%+)+! )3')! /1.5! '! +.B*'(! -%1+-%B)*6%<! B'&&'4*+! *+! B.&)*&2*&,! ).! 4%! +.B*'((:!
'BB%-)%0<!')!(%'+)!4:!)3%!5'U.1*):!./!)3%!A5%1*B'&!,%&%1'(!-24(*B!%+-%B*'((:! /.1!
4'))(*&,!+:5-).5+!./!B%1)'*&!0*+%'+%+!+2B3!'+!B'&B%1G! ^.1!)3%!/.((.K*&,! 1%'+.&+!
'5.&,+)! .)3%1+<! )3%! +)')%+! ./! ;.(.1'0.<! \'+3*&,).&<! _1%,.&! '&0! A('+J'! K%1%!
'4(%! ).! 6.)%! /.1! (%,'(*S')*.&! '&0! 1%,2(')*.&! ./! B'&&'4*+! /.1! 5%0*B'(! '&0!
1%B1%')*.&'(!2+%CM.:%))%! '&0! \*(+.&<EF"QHG! _&! )3%! .)3%1! 3'&0<!
`.01*I2%SCEF"ZH+)')%+! )3')! )3%! a%)3%1('&0+<! J&.K&! ).!3'6%! '!2&*I2%!012,!
).(%1'&B%!-.(*B:!).K'10+![+./)!012,+]!(*J%!B'&&'4*+<!*+!+)'1)*&,!).!1%bB1*5*&'(*S%!*)+!
1%B1%')*.&'(!2+%!02%! ).!'&!*&B1%'+%!*&! B1*5%!1')%+<!K3*B3! )3%:!B('*5!*+!%//%B)*&,!
&%'14:! 42+*&%++%+! '&0! )3%! +.B*%):! *&! ,%&%1'(G! V3%! -21-.+%! ./! )3*+! %++':! *+! ).!
0*+B2++! '&0! %6'(2')%! )3%! %B.&.5*B! '&0! +.B*'(! B.+)+! '&0! 4%&%/*)+! ./! (%,'(*S')*.&!
'&0!1%bB1*5*&'(*S')*.&!./!B'&&'4*+G!V3*+!%++':!*+!0*6*0%0!*&).!/.21!-'1)+G!V3%!/*1+)!
-'1)! K*((! %6'(2')%!)3%! %B.&.5*B! 1%(')*.&+3*-! 4%)K%%&!(%,'(*S')*.&! '&0! )'WG! V3%!
+%B.&0! -'1)! K*((! %W'5*&%! )3%! %B.&.5*B! B.11%(')*.&! 4%)K%%&! (%,'(*S')*.&! '&0!
420,%)!+'6*&,+G!V3%!)3*10!-'1)! K*((!0*+B2++!(%,'(*S')*.&!*&!)3%!+.B*'(!B.&)%W)!'&0!
/*&'((:! )3*+! %++':! K*((! '001%++! )3%! +.B*'(! '&0! %B.&.5*B'(! B.+)+! ./! 1%b
B1*5*&'(*S')*.&G!!
!!
!
!
!
!
!
E!
!
!
!
! O%,'(*S*&,!B'&&'4*+!'+!'!B.55%1B*'(!B.55.0*):!)3')!B.2(0!4%!4.2,3)!'&0!
+.(0! 4:!'2)3.1*S%0!6%&0.1+! 5':! %&'4(%! ,.6%1&5%&)+! ).! ,%&%1')%! 1%6%&2%+!
)31.2,3! )'W')*.&G! $1.b(%,'(*S')*.&! '06.B')%+!%&B.21',%0! )3*+! 5%)3.0! *&!
1%/%1%&B%!).!)3%!%B.&.5*B'(!'06'&)',%+<!2+*&,! )3%! 3*,3! )'W!1%6%&2%+!,%&%1')%0!
'&&2'((:! /1.5! '(B.3.(*B! '&0! ).4'BB.! -1.02B)+! '+! '&! %W'5-(%C;*21*'J<EF"FHG!
D.(('&0CEF"FH!+2,,%+)%0!)3')!B'&&'4*+<!'!012,!)3')!*+!+B*%&)*/*B'((:!-1.6%&!!).!4%!
/'1!(%++!0'5',*&,!).!)3%!3%'()3!./!B.&+25%1+!)3'&!'(B.3.(!'&0!).4'BB.<!B.2(0!4%!
)'W%0! *&! )3%! +'5%! K':G! V3.+%! *&! /'6.1! ./! (%,'(*S')*.&! '(+.! +)1%++! )3')!
B.55%1B*'(*S*&,!'&0!)'W*&,!B'&&'4*+!K.2(0!'B)!'+!'!B.2&)%1!1%6.(2)*.&'1:!/.1B%!
','*&+)!4('BJ!5'1J%)!-1./*)%%1*&,!./! )3%! -('&)C;*21*'J<EF"FHG! N'+).&CEFFZHK*)3!
1%/%1%&B%!).!)3%!1%,*.&! ./!M1*)*+3!;.(254*'<!;'&'0'<! %+)*5')%+! )3')!-1.02B)*.&+!
-%1!,1'5!./!B'&&'4*+!B.+)!cZGTF!K3%1%'+!)3%!+)1%%)!-1./*)!1%)21&+!-%1!3'(/!'!,1'5!
%I2'(+! cLGdFX! *&0*B')*&,! )3')! B.&+25%1+! '1%! '4(%! '&0! K*((*&,! ).! -21B3'+%!
B'&&'4*+! 1%,'10(%++! ./! *)+! 3*,3! -1*B%G! D%&B%<! N'+).&CEFFZH! +2,,%+)+! )3')!
(%,'(*S')*.&!B.2(0!'((.K!,.6%1&5%&)+!).!%'1&!'&!%+)*5')%0!'5.2&)!./!cE!4*((*.&!
*&!)'W!1%6%&2%!1')3%1!)3'&!(..+*&,!)3*+!'5.2&)!).!)3%!4('BJ!5'1J%)G!V3*+!5':!4%!
.4)'*&%0!4:!)3%!,.6%1&5%&)<!4:!-24(*B'((:!-1.02B*&,!)3%!B'&&'4*+!)3%5+%(6%+<!.1!
4:!-%15*))*&,!B.55%1B*'(! /*15+!).!-1.02B%! ')!'!(.K%1! B.+)<!)'J*&,!'06'&)',%! ./!
%B.&.5*%+! ./! +B'(%<! +%((*&,! ')! )3%! +'5%! -1*B%! '&0! )'W*&,! )3%!
0*//%1%&B%CN'+).&<EFFZHG! P.1%.6%1<! )'W! 1%6%&2%+! /1.5! (%,'(*S*&,! B'&&'4*+! *+!
4%(*%6%0!).!3'6%!1%'B3%0!cZTbc"FF!5*((*.&!/.1!)3%!+)')%!./!;.(.1'0.CN6'&+<EF"=H!
K*)3! (')%+)! /*,21%+! 1%-.1)%0! 4:! )3%! ;.(.1'0.! Y%-'1)5%&)! ./! `%6%&2%CEF"QH).!
%I2')%! ).! '4.2)! cTFGZ! 5*((*.&! ./!).)'(! )'W%+<! (*B%&+%+! '&0! /%%+! B.((%B)%0G! V3%!
+*,&*/*B'&B%! ./! ,%&%1')*&,!,1%')%1! )'W! 1%6%&2%+! B.2(0! '((.K! ,.6%1&5%&)+! ).!
*&6%+)! 5.1%! *&! +)')%! K%(/'1%! +2B3! '+! B1%')*&,! 3%'()3B'1%! )1%')5%&)! B%&)%1+! /.1!
012,! '00*B)+! .1! %+)'4(*+3*&,! %02B')*.&'(! 2&4*'+%0! -1.,1'5+! '4.2)! 012,+! ).!
%&(*,3)%&!)3%!5'++%+C;*21*'J<EF"FHG!!!
!
!D.K%6%1<!(%,'(*S*&,!'&0!)'W*&,!012,+!+2B3!'+!B'&&'4*+!5':!&.)!'(K':+!'B)!
*&! /'6.1! ./! ,.6%1&5%&)+G! $1.-.&%&)+! ./! -1.3*4*)*.&<! ;'2(J*&+! '&0!O%%CEF"EH<!
*&0*B')%!)3')!)3%!,1%')%1!)3%!)'W!-('B%0!.&!B'&&'4*+!)3%!,1%')%1!)3%!*&B%&)*6%!/.1!
B.&+25%1+!).!%6'0%!)'W!-':5%&)+!4:!-21B3'+*&,!2&)'W%0!'&0!B3%'-%1!B'&&'4*+!
/1.5!)3%!4('BJ!5'1J%)G!V3*+!*&!)21&<!5'J%+!*)!0*//*B2()!/.1!,.6%1&5%&)+!).!B.((%B)!
)'W!1%6%&2%+!%//%B)*6%(:G!_&%!52+)!/*1+)!2&0%1+)'&0!3.K!-1*B%!-(':+!'!5'U.1!1.(%!
*&!)3*+!'1,25%&)!*&!.10%1!).!B.&+*0%1!'!-.+*)*6%!.1!&%,')*6%!1%(')*.&+3*-!4%)K%%&!
)'W! '&0! 012,+G! @)'1)*&,! K*)3! )3%! -1.02B)*.&!B.+)+! ./! 012,+! *&! ,%&%1'(<! ;'2(J*&+!
'&0! O%%CEF"EH+)')%! )3')! -1.3*4*)*.&! J%%-+! *((*B*)! 012,+!(*J%! B'&&'4*+! 3*,3(:!
%W-%&+*6%G! V3%! %B.&.5*B! )3%.1:! 4:! A0'5! @5*)3<! [;.5-%&+')*&,! \',%!
Y*//%1%&)*'(+]<! %W-('*&+! )3')<! *&! *)+! +*5-(%+)! /.15<! K.1J%1+! K*((! 0%5'&0! 3*,3%1!
K',%+! /.1! 2&0%1)'J*&,! 0%'0(:! -1./%++*.&+C@5*)3<">T>HG! e&0*6*02'(+! *&6.(6%0<!
!
=!
K*((! '(K':+! '6.*0! 0%)%B)*.&! K3*(%! +2--(:*&,!)3%! -1.02B)! ).! )3%! %&0b2+%1<!
1%+2()*&,!*&!3*,3!B.5-%&+')*.&!'&0!)1'&+-.1)!B.+)+G!V3*+!'(.&,!K*)3!)3%!*&'4*(*):!
).! 5%B3'&*S%! -1.02B)*.&! 02%! ).! *)+! *((%,'(*):<! '00+!,1%')%1! .-%1')*&,! B.+)+!'&0!
)32+!B1%')%+!3*,3!-1*B%+G!!
!
! _&!)3%!.)3%1! 3'&0<!;'2(J*&+!'&0!O%%CEF"EH'1,2%! )3')!(%,'(*S')*.&!K.2(0!
'((.K! *&0*6*02'(+! '(1%'0:! *&6.(6%0! .1! &%KB.5%1+<! ).! *5-(%5%&)! (%++! B.+)(:!
-1.02B)*.&! 5%)3.0+! )31.2,3! 5%B3'&*S')*.&G! ^21)3%15.1%<! )3%! &%%0! ).! 3*1%!
*&0*6*02'(+!+J*((%0!*&!+)%'()3!'&0!0%B%-)*.&!).!'((.K!/.1!B.&)*&2.2+!/(.K!./!*((*B*)!
012,! +2--(:! (*&%+! K.2(0! 4%! .6%1<! 1%02B*&,! B.5-%&+')*.&! '&0! )1'&+-.1)! B.+)G!!
\*)3!)3*+!*&!5*&0<!)3%:!%+)*5')%!'!-1*B%!01.-!./!LFf!/1.5!c=FFbcZQF!-%1!.2&B%!
./! 3*,3! I2'(*):! B'&&'4*+! ).! .&(:! c=LG! O%,'(*S')*.&! '06.B')%+! B('*5! )3')! )'W*&,!
(%,'(*S%0! 012,+! B'&!.//+%)! )3%! -1*B%! 01.-! '&0! %'1&! )'W! 1%6%&2%! /1.5! +'(%+G!
D.K%6%1<! ;'2(J*&+! '&0! O%%CEF"EH0%4')%!)3')! )3%! )'W! 1%I2*1%0! ).! .//+%)! +2B3! '!
-1*B%! 01.-! K.2(0! 4%! ('1,%<! 5%'&*&,! )3')! )3%! -1*B%! ./! (%,'(! 012,+! K.2(0! 4%!
*&B1%'+*&,(:! %W-%&+*6%<! )32+! *)! 5':! *&B21! 0%)1*5%&)'(! '//%B)+! .&! )3%! B.&+25%1!
B3.*B%+! /.1B*&,! )3%5! ).! -21B3'+%! /1.5! )3%! B3%'-%1! 4('BJ! 5'1J%)CN6'&+<EF"=HG!!
^.1!*&+)'&B%<!02%!).!)3%!3*,3!)'W!*5-.+%0!.&!B*,'1%))%+<!'&!2&0%1,1.2&0!`2++*'&!
41'&0! B'((%0! [9*&! O*&,]! %5%1,%0! +%((*&,! 2&)'W%0! '&0! 2&(*B%&+%0! B*,'1%))%+! /.1!
B3%'-%1!-1*B%+!*&!)3%!).4'BB.!4('BJ!5'1J%)!'B1.++!N21.-%!%'1&*&,!%&.2,3!-1./*)+!
).! 1*6'(! )3%! B.55%1B*'(*S%0! ).4'BB.! B.5-'&:! P'1(4.1.C@3(%:&.6! %)! '(<EFFLHG!
D%&B%<!*)!+%%5+!)3')!,.6%1&5%&)+!)3')!(%,'(*S%!B'&&'4*+!5':!4%!62(&%1'4(%!).!)'W!
%6'+*.&!+21-(2+%+G!a%6%1)3%(%++<!A41'3'5C">>>H+)')%+!)3')!*&!)3%!a%)3%1('&0+<!
)3%*1!0%B1*5*&'(*S')*.&!-.(*B*%+!3'6%!3%(-%0!0%)%1!2+%1+!.2)!./!)3%!4('BJ!5'1J%)<!
K*)3! ZLf!./!B'&&'4*+! -21B3'+%+! ! 5'0%! )31.2,3! (%,'(! 5%)3.0+! +2B3! '+! /1.5!
B.//%%!+3.-+!'&0!=>f!./!(%,'(!-21B3'+%+!5'0%!/1.5!3.5%,1.K&!B'&&'4*+!)1'0%0!
'5.&,+)!/'5*(:!'&0!/1*%&0+G!!!
!
! V3%1%/.1%<!%6*0%&B%!+%%5+!).!+2,,%+)!)3')!*5-.+*&,!'![+*&]!)'W!.&!B'&&'4*+!
5':! '((.K! ,.6%1&5%&)+! ).! %'1&! '00*)*.&'(! )'W! 1%6%&2%! 3.K%6%1<! *)! 5':! '(+.!
*&B1%'+%! -1*B%+! '4&.15'((:! -1.02B*&,! )K.! (*J%(:! .2)B.5%+G! A+! +%%&! *&! )3%! 9*&!
O*&,! B*,'1%))%! B'+%<! +.5%! *&0*6*02'(+! 5':! 'B)! *&! )3%*1! .K&! +%(/b*&)%1%+)! ).!
-21B3'+%!)3%!012,!')!'!(.K%1!-1*B%!/1.5!)3%!4('BJ!5'1J%)!0*+1%,'10*&,!)3%*1!/%'1!
./! 0%)%B)*.&! .1! '+! +%%&! *&! )3%! a%)3%1('&0+! B'+%<! +.5%! *&0*6*02'(+! 5':! 'B)!
0*//%1%&)(:! 4:! -21B3'+*&,!'! )'W%0! '&0! -1*B*%1! 012,! *&! /%'1! ./! B1*5*&'(! .//%&B%+G!
A()3.2,3!,.6%1&5%&)+!5':! 4%&%/*)!/1.5!(%,'(*S')*.&!)31.2,3!)'W')*.&<!*)!+%%5+!
)3')!*)!B'&&.)!'B)!'+!'!0%B*+*6%!J%:!).!%(*5*&')*&,!)3%!%&)*1%!4('BJ!5'1J%)!02%!).!
*)+! 0%-%&0%&B%! .&! B.&+25%1+]!0%B*+*.&G!V3%! &%W)! -'1',1'-3! K*((! %6'(2')%! )3%!
%B.&.5*B!'1,25%&)!./!(%,'(*S')*.&!'&0!420,%)!+'6*&,+G!!
!
!
!
!
!
Z!
!
! g.6%1&5%&)+!5':!,'*&!420,%)!+'6*&,!4%&%/*)+!/1.5!(%,'(*S*&,!B'&&'4*+!4:!
B2))*&,! 0.K&! .&! %&/.1B%5%&)<! -1.+%B2).1*'(<!U20*B*'(<! '&0! *&B'1B%1')*.&!
%W-%&+%+G!!V3*+!5*,3)!.BB21!02%!).!'4'&0.&*&,!)3%*1!1%+-.&+*4*(*)*%+!./!%&/.1B*&,!
'&)*b012,! ('K+! .&! +2--(*%1+! '&0! B.&+25%1+G! P*1.&CEFFQH'--1.W*5')%+! )3')!
(%,'(*S')*.&! *&! )3%! ?&*)%0! @)')%+! B.2(0! +'6%! )3%! ,.6%1&5%&)! cTGTbc"=GT! 4*((*.&!
'&&2'((:! /1.5! +2B3! B.+)+G! @2B3! (.,*B! '--%'1+! %5-*1*B'((:! *&! )3%! 0.5'*&! ./!
(%,'(*S')*.&!4%B'2+%!'BB.10*&,!).!h*&,!'&0!P'2%1CEFFdHcZ!4*((*.&!*+!%+)*5')%0!).!
4%!+-%&)!'&&2'((:!.&!'11%+)+!'&0!*&B'1B%1')*.&+!./!B'&&'4*+!2+%1+G!D%&B%<!K*)3!
(%,'(*S')*.&<!,.6%1&5%&)+!5':!*5-1.6%!)3%*1! .6%1'((!/*&'&B*'(! +)')%5%&)<!K3*B3!
5':!4%!*&6%+)%0! ).!/21)3%1!4%&%/*)!)3%! -24(*BG!^.1!*&+)'&B%<!;*21*'JCEF"FH+)')%+!
)3')! (%,'(*S')*.&! *&! ;'&'0'! 5':! )'BJ(%! )3%! B.2&)1:]+! *&B1%'+*&,! 1%(*'&B%! .&! )3%!
/%0%1'(! -%&+*.&! +:+)%5! 4:! 1%)21&*&,! '! ).)'(! ./! dFF<FFF! B*)*S%&+<! K3.+%! B'1%%1!
-1.+-%B)+! 3'6%! 4%%&! 0%+)1.:%0! 02%! ).! 3'6*&,! B1*5*&'(! 1%B.10+! ./! B'&&'4*+!
-.++%++*.&! '&0! 2+%<! 4'BJ!).! -.++*4(:! /2((! %5-(.:5%&)! '&0! *&0%-%&0%&B%<! ).! '!
B%1)'*&! %W)%&)<! /1.5! )3%! +)')%G! ;.&+%I2%&)(:<! )3*+! B.2(0! B.2&)%1! )31%')+! ./!
,.6%1&5%&)! -%&+*.&! +:+)%5! *&+.(6%&B:<! '&0! 5':! %6%&! 3%(-! 1%02B%! )3%!
,.6%1&5%&)!420,%)!+-%&0*&,G!
!
! !D.K%6%1<! *)! *+! (*J%(:! )3')! 021*&,! '&! %B.&.5*B! 0.K&)21&! ,.6%1&5%&)+!
5':!%W-%1*%&B%!0*//*B2()*%+!*&!B.&)*&2*&,!).!-1.6*0%!-24(*B!+2--.1)!+%16*B%+!+2B3!
3%'()3B'1%! )1%')5%&)+! .1! +.B*'(! K%(/'1%! *&! ,%&%1'(G! ^.1! *&+)'&B%<! $.1)2,'(! '!
B.2&)1:! K3.! 3'+! 0%B1*5*&'(*S%0! )3%! -%1+.&'(! 2+%! ./! B'&&'4*+<! 3%1.*&<! B.B'*&%!
'&0!5%)3'5-3%)'5*&%!*&!EFF"C@S'('6*)S<EFF>HK'+!/.1B%0!).! 1%02B%! *)+! 420,%)!
+-%&0*&,!.&! 3%'()3! '&0! K%(/'1%! +%16*B%+G! V3*+! .BB211%0!021*&,! *)+! 0%4)! B1*+*+!
4%)K%%&!EF"FbEF"ZCO'&%<EF"EH<!K3*B3!1%+2()%0!*&!)3%!B(.+21%!./!&25%1.2+!012,!
)1%')5%&)! B%&)%1+! B'2+*&,! -24(*B! /%'1! ./! *&B1%'+%0! Dei! *&/%B)*.&+! '&0! 012,!
'00*B)+CP21J*&<EF"ZHG! ! a%6%1)3%(%++<! )3*+! 5':! &.)! '(K':+! 4%! )12%! /.1! '((!
B.2&)1*%+<! +.5%! 5':! 4%! '4(%! ).! '((.B')%! )3%*1! 420,%)! %W-%&0*)21%+! %//*B*%&)(:G!!
V3%1%/.1%<!%6*0%&B%!+%%5+!).!+2,,%+)!)3')!'()3.2,3!(%,'(*S')*.&!5':!41*&,!'4.2)!
420,%)! +21-(2+%+! )3')! 5':! *5-1.6%! )3%! +)')%! K%(/'1%<! %B.&.5*B! B1*+*+! 5':!
+.5%)*5%+! '()%1! )3*+! .4U%B)*6%G! !V3%! &%W)! -'1',1'-3! K*((! 0*+B2++! (%,'(*S')*.&! ./!
B'&&'4*+!*&!)3%!+.B*'(!B.&)%W)G!!
!
!`*B3'10!;.K'&j+![e1.&!O'K!./!$1.3*4*)*.&]!+)')%+!)3')!K3%&!'&:!+24+)'&B%!
*+! -1.3*4*)%0! /1.5! )3%! -24(*B! 4:! )3%! ,.6%1&5%&)<! *)! *+! (*J%(:! ).! *&)1*,2%!
*&0*6*02'(+! ).! .4)'*&! )3%!*((%,'(! 5')%1*'(<! %&3'&B%! *)+! -.)%&B:! (%6%(+! '&0! B1%')%!
6'1*%)*%+! ./! *)<! *&! .10%1! ).! %&,',%! *&! 42+*&%++! )1'&+'B)*.&+! /1%%! ./! (%,'(! 5'1J%)!
B.&+)1'*&)+CV3.1&).&<">>"HG! e&! )3%! B'+%! ./! B'&&'4*+<! ;*21*'JCEF"FH+)')%+! )3')!
02%!).!-1.3*4*)*.&<!%&0b2+%1+!'1%!-.)%&)*'((:!2&0%1!)3%!)31%')!./!B.&+25*&,!'&!
'()%1%0! 012,! )3')! B.&)'*&+! 3'15/2(! B3%5*B'(+! +2B3! '+! -%+)*B*0%+<! K3*B3! B.2(0!
0'&,%1.2+(:! %//%B)! )3%*1! 3%'()3G! A00*)*.&'((:<! 2&'2)3.1*S%0! +2--(*%1+! +%((! )3%!
-1.02B)!).!B.&+25%1+!./!'&:!',%!K*)3.2)!1%+)1*B)*.&+!.&!B.&+25-)*.&!(%6%(+!02%!
!
Q!
).! )3%*1!.4U%B)*6%!./! %'1&*&,! 3*,3%1! -1./*)+CD.(('&0<EF"FHG! D%&B%<! K*)3!
(%,'(*S')*.&<!,.6%1&5%&)+!B.2(0!)'J%!B.&)1.(!./!)3%!,..0!4:!(*B%&+*&,!/*15+!.1!4:!
-1.02B*&,! '&0! +%((*&,! *)! )3%5+%(6%+! ')! '!I2'(*):! +)'&0'10<! /1%%! ./! 3'15/2(!
B3%5*B'(+<! K*)3! 0%)'*(%0! -1.02B)! *&/.15')*.&! +2B3! '+! +)1'*&!):-%!'&0! -.)%&B:G!
O%,'(*S')*.&!+2--.1)%1+!*&+)*,')%!+)1*B)!(%,'(!5%'+21%+!.&!1%)'*(%1+!).!.&(:!+%((!).!
'02()+!')!'!B%1)'*&!B.&+25-)*.&! (%6%(!-%1!-%1+.&C;*21*'J<EF"FHG!^.1!%W'5-(%<!*&!
(%,'(*S%0! ;.(.1'0.<! *&0*6*02'(+! .6%1! )3%! ',%! ./! E"! '1%! (*5*)%0! ).! -21B3'+%! "!
.2&B%CEL,H./!B'&&'4*+!')!'!)*5%!/1.5!(*B%&+%0!1%)'*(%1+C@)')%!./!;.(.1'0.<!EF"QHG!
e&!)%15+!./!I2'(*):!+)'&0'10+!*&!;.(.1'0.<!`2)+B3CEF"QHB.&/*15+!)3')!4:!('K<!'((!
B'&&'4*+!-1.02B)+!52+)!,.!)31.2,3!-1*6')%!('4!)%+)*&,!4%/.1%!+'(%<!02%!).!)1'B%+!
./!/2&,2+!K3*B3!3'6%!-1%6*.2+(:!1%+2()%0!*&!&25%1.2+!5%0*B'(!*++2%+G!V3%1%/.1%<!
*)!+%%5+!)3')!)3%!,.6%1&5%&)!5':!4%!'4(%!).!-1.02B%!'&0!1%,2(')%!'!B3%'-%1!'&0!
+'/%1!-1.02B)<!.2)!./!1%'B3!./!2&0%1',%!B.&+25%1+<!).!B.2&)%1!)3%!4('BJ!5'1J%)+!
&%,')*6%!*5-'B)!.&!+.B*%):G!!
!
! $1.-.&%&)+! ./! -1.3*4*)*.&! '1,2%! )3')! )3%1%! *+! '! -.+*)*6%! 1%(')*.&+3*-!
4%)K%%&! 012,+! '&0! +.B*'(! 0*+.10%1<! K3*B3! */! (%,'(*S%0! B.2(0! 41*&,!'4.2)!
2&/'6.1'4(%! .2)B.5%+G! A! -1.B%++! B'((%0! )3%! j,')%K':! )3%.1:jCD.(('&0<EF"FH!
+)')%+! )3')! *&0*6*02'(+! K3.! 3'6%! &.)! )'J%&! )3*+! 012,! 4%/.1%! 02%! ).! *)+!
B1*5*&'(*S')*.&<! 5':! &.K! 4%! )%5-)%0! ).! 0.! +.! '/)%1! (%,'(*S')*.&G! D%&B%<! )3*+!
B.&+25-)*.&!5':!(%'0!).!3'10%1!012,+!4%*&,!-21B3'+%0!*&!('1,%1!'5.2&)+!/1.5!
)3%!4('BJ!5'1J%)X!&%,')*6%(:!*5-'B)*&,! +.B*%):G!^.1!%W'5-(%<!N6'&+CEF"=H+)')%+!
)3')!*&!)%15+!./!-24(*B!+'/%):!*)! *+! (*J%(:! )3')! )3%1%! K.2(0!4%!'&!*&B1%'+%!*&!)3%!
&254%1! ./! )1'//*B! 'BB*0%&)+! 02%! ).! 01*6*&,!2&0%1! )3%! *&/(2%&B%G! A00*)*.&'((:<!
42+*&%++! .-%1')*.&+! 5':! B.5%! 2&0%1! )3%! )31%')! ./! 2&0%1-1.02B)*.&! 02%! ).!
K.1J%1! *&).W*B')*.&! ./! )3%! 012,CY.&.32%<EF"ZHG! P.1%.6%1<! B'&&'4*+!
B.&+25-)*.&! 4:! )3%! :.2)3! 5':! .BB21!02%! ).! *((%,'(! +'(%+! 4:! 1%)'*(%1+<! ZLf! ./!
2&0%1',%! B3*(01%&! K%1%! 1%,*+)%1%0! /.1! *)+! '42+%! *&! ?&*)%0! @)')%+C;'+'<EFFLH<!
(%'0*&,!).!'!1*+%!*&!+B3..(!01.-.2)+G!ABB.10*&,(:<!)3*+!B'2+%+!'!+24+)'&)*'(!,1.K)3!
*&!3%'()3B'1%!'&0!%&/.1B%5%&)!B.+)+<!K3*B3! 5':! B3'((%&,%! )3%!1%(*'4*(*):!./!)3%!
)K.!%B.&.5*B!4%&%/*)+<!)'W!1%6%&2%!'&0!420,%)!+'6*&,+G!a%6%1)3%(%++<!*&!B.&)1'+)!
).! )3%! 5'*&! *++2%! ./! *&B1%'+%! 012,! 2+%<! %+)*5')%0! /*,21%+! *&! 0%B1*5*&'(*S%0!
B.2&)1*%+! 5*,3)! -1.6%! .)3%1K*+%G! ^.1! *&+)'&B%<! 0%B1*5*&'(*S%0! $.1)2,'(! *+!
%+)*5')%0!).!3'6%!"Ff!./!(*/%)*5%!B'&&'4*+! 2+%1+! .6%1! )3%! ',%! ./!/*/)%%&<!K3*(%!
*((%,'(*S%0!?&*)%0!@)')%+!3'+!'&!%+)*5')%!./!=>GLf!./!B'&&'4*+!2+%1+!.6%1!)3%!',%!
./! )K%(6%C@S'('6*)S<EFF>HG! @*5*('1(:<! ;*21*'JCEF"FH! *&0*B')%+!)3')!/*,21%+! ./!
B'&&'4*+!2+%!'5.&,+)! -%.-(%!.6%1!)3%!',%!./!)K%(6%!*&! *((%,'(*S%0!?&*)%0!@)')%+!
'1%!0.24(%!./!)3.+%!/*,21%+!*&!0%B1*5*&'(*S%0!a%)3%1('&0+G!!
!
! N6*0%&B%!+%%5+!).!+2,,%+)!)3')!012,!2+%!'&0!*)+!(*J%(:!B.&+%I2%&B%+!.&!
+.B*%):! +.(%(:! 0%-%&0!.&! *&0*6*02'(! B3.*B%+G! ^.1! %W'5-(%<! *&! )3%! B'+%! ./! U.4!
-1.02B)*6*):<! *)! *+! 2-! ).! )3%! K.1J%1! ).! 0%B*0%! K3%)3%1! .1! &.)! ).! 0*+1%,'10! )3%!
.1,'&*S')*.&]+!B.0%! ./! B.&02B)! 4:! B.&+25*&,! )3%! 012,! 021*&,! K.1J*&,! 3.21+<!
!
d!
4%B.5*&,!(%++!-1.02B)*6%!'&0!1*+J*&,! %W-2(+*.&G!_&!)3%! B.&)1'1:<!*/!.&%!K%1%!).!
B.&+*0%1!)3')!325'&!4%*&,+!'+!4%*&,!1')*.&'(!*&!)3%*1!0%B*+*.&+<!)3%&!)3%!K.1J%1!
5':! B.&+25%! )3%! 012,! '/)%1! K.1J*&,! 3.21+! *&! .10%1! ).! 1%5'*&! -1.02B)*6%G!
@*5*('1(:<! */! ,.6%1&5%&)+! K%1%! ).! (%,'(*S%! B'&&'4*+<! (%,'(! '&0! %&/.1B%5%&)!
5%'+21%+!&%%0!).!4%!*&!B3%BJ!/.1!%6%&)+!+2B3!'+!012,,%0!01*6*&,!.1!*((%,'(!:.2)3!
B.&+25-)*.&!02%!).!)3%+%!B1*5%+!4%*&,!*&%6*)'4(%!1%,'10(%++!./!+)1*B)!1%,2(')*.&+!
'+!*)!*+!2()*5')%(:!2-!).!)3%!*&0*6*02'(!).!.6%1!'42+%!.1!&.)!G!V3%!&%W)!-'1',1'-3!
K*((!'001%++!)3%!%B.&.5*B'(!'&0!+.B*'(!B.+)!./!1%bB1*5*&'(*S')*.&G!!
!
!
!`%bB1*5*&'(*S*&,! B'&&'4*+! 2+%<! .&B%! *)! 3'+! 4%%&! B.&+*0%1%0! '! 0%b
+)*,5')*S*&,! '&0! +.B*'((:! 'BB%-)'4(%! 'B)<! 5':! B'2+%! 2+%1+! ).! 1%b-21B3'+%! )3%!
-('&)! /1.5! )3%! 4('BJ! 5'1J%)G! A()%1&')*6%(:<! 2+%1+! 5':! )1:! ).! (..J! /.1! (%,'(!
+24+)*)2)%!012,+!)3')!B.2(0!-.)%&)*'((:!4%!5.1%!3'15/2(!)3'&!)3%!*((%,'(*S%0!-('&)!
*)+%(/G! V3%+%!'B)*.&+! '1%! (*J%(:! ).! .BB21! 4%B'2+%! B.&+25%1+! &%%0! ).! /2(/*((! )3%*1!
&%%0+<!K3*B3!B.&+%I2%&)(:!5':!(%'0!).!%B.&.5*B!'&0!+.B*'(!B.+)+G!!!
!
! e&! )%15+! ./! )3%! /.15%1<! K3%&! )3%! 1*,3)bK*&,! B.'(*)*.&! ,.6%1&5%&)! )..J!
.6%1!)3%!a%)3%1('&0+!*&!EF"FCh%++%(<EF"FH<!)3%:!+)')%0!)3')!)3%!).(%1'&B%!-.(*B:!
.&! B'&&'4*+! *+! ).! 4%! )%15*&')%0! 5'J*&,! *)! *((%,'(! /.1! B.//%%! +3.-+! ).! +%((!
*)CD%&&*&,<EF"FHG!!V3%!*&0%-%&0%&)!5%0*'!.1,'&*S')*.&<!\%!A1%!;3'&,%CEF"=H<!
1%-.1)%0! )3')! )3%! B.'(*)*.&! ,.6%1&5%&)! 3'6%! B('*5%0! ! )3')! 5'U.1*):! ./! ).21*+)+!
/1.5! &%*,34.1*&,! B.2&)1*%+! +2B3! '+! M%(,*25! '&0! g%15'&:<! B.&+)'&)(:! B1.++!
a%)3%1('&0+]!4.10%1+! ).! -21B3'+%! B'&&'4*+<! K3*B3! *+! B'2+*&,!3*,3! )1'//*B!
B.&,%+)*.&+! '&0! B1*5%G! ! D.K%6%1!02%! ).! +2B3! 1%bB1*5*&'(*S')*.&! -.(*B*%+<! 012,!
+'(%+!K%1%!)'J%&!.6%1!4:!)3%!4('BJ!5'1J%)!*&!K3*B3!0%'(%1+!-.-2(')%0!)3%!+)1%%)+!
'&0!+)'1)%0!&.)!.&(:!).!+%((!B'&&'4*+!-('&)+!')!(.K%1!I2'(*)*%+<!42)!'(+.!3'10!012,+!
+2B3! '+! 3%1.*&! ).! B.&+25%1+! ./! '((! ',%+! '&0! ')! 3*,3%1! -1*B%+C\%! A1%!
;3'&,%<EF"=HG! e)! *+! (*J%(:!)3%&<! )3')! )3%! ,.6%1&5%&)]+! %&/.1B%5%&)! '&0! U20*B*'(!
B.+)+! *&B1%'+%0! 021*&,! )3*+! -%1*.0G! A00*)*.&'((:<! *)! 5':! 1%02B%0! )3%*1! 420,%)!
+'6*&,+!'(.&,!K*)3!)3%!-.)%&)*'(!B.&6%1+*.&!./!)3%*1!)'W!1%6%&2%!(.++%+!4'BJ!*&).!
)3%!4('BJ!5'1J%)!-1./*)+G!!D%&B%<!)3%!B.'(*)*.&!,.6%1&5%&)!1%*&*)*')%0!)3%!/.15%1!
(*4%1'(! -.(*B:! .&! B'&&'4*+! ).! B.2&)%1! )3%! %+B'(')*&,! B1*5%! 1')%+G! D.K%6%1<! )3*+!
B'2+%0!'!)21/!K'1!'5.&,+)!4('BJ!5'1J%)!0%'(%1+G!a.)!.&(:<!0*0!)3%:!/.2,3)!K*)3!
%'B3!.)3%1<!42)!'(+.!3'15%0!(%,'(!B'&&'4*+!1%)'*(!.K&%1+j!42+*&%++%+!/.1!)3%!+'J%!
./!-1.)%B)*&,!)3%*1!-1./*)+C\%!'1%!;3'&,%<!EF"=HG!V3%1%/.1%<!*)!+%%5+!).!+2,,%+)!
)3')!1'0*B'((:!1%bB1*5*&'(*S*&,! .&B%! '! 1%,2(')%0! 012,<! *&! .10%1! ).! %//*B*%&)(:!
1%02B%!*)+!B.&+25-)*.&<!5':!&.)!K.1J!.&!*)+!.K&! %//%B)*6%(:!02%!).!*)+!&%,')*6%!
+.B*'(!'&0!%B.&.5*B'(!*5-'B)+G!
!
! e&!)%15+!./!)3%!('))%1<!'&!%W'5-(%!./!+2B3!'()%1&')*6%+!B.2(0!4%!'001%++%0!
4:! %6'(2')*&,! )3%! [(%,'(! 3*,3+]! B.&+25-)*.&! *&! )3%! ?&*)%0! h*&,0.5G! V3%! j(%,'(!
3*,3+j<!+2B3! '+! )3%! jP',*B! Y1',.&j! '! -.K%1/2(! B'&&'4*+! +24+)*)2)%! +.(0! *&!
!
T!
B*,'1%))%b/.15!2&0%1!41'&0!&'5%+!@K%%)!O%'/!'&0!M244(%!M20Ca*B.((<EF"QH<!'1%!
012,+! B1%')%0! ).! *5*)')%! )3%! %//%B)+! ./! B'&&'4*+! '&0! .)3%1! 3'10%1! 012,+! 2+*&,!
+24+)'&B%+! )3')! '1%! B.&+*0%1%0! (%,'(! 4:! )3%! '2)3.1*)*%+CaD@<EF"ZHG! D.K%6%1<!
+.5%!./!)3%! -'BJ',*&,!0%)'*(+!./!)3%! (%,'(!012,+!+)')%!)3')! *)!*+!&.)!*&)%&0%0!/.1!
325'&!B.&+25-)*.&!02%!).!*)+!('BJ!./!+B*%&)*/*B!)%+)*&,!.&!)3%!B3%5*B'(+!-1%+%&)!
*&! *)GCa')*.&'(! g%.,1'-3*B! Y.B25%&)'1:<EF"ZHG! ;('1J+.&CEF"QH0*+B1%0*)+! )3%!
-1.02B)!+'/%):!./!j(%,'(!3*,3+j<!)..G!D%!1%-.1)+!)3')!)3%!j(%,'(!3*,3+j!3'6%!1%+2()%0!
*&! ')! (%'+)! )31%%! 0%')3+! '&0! -1%+25%+! )3')! *)! 5':! 4%B.5%! )3%! +.(%! 1%'+.&! /.1!
012,b1%(')%0! /')'(*)*%+! *&! )3%! ?hG! ^21)3%15.1%<! )3%:! '1%! %'+*(:! 'BB%++*4(%! 4:!
)%%&',%1+!'&0!'1%!4%*&,!1%'0*(:!B.&+25%0!.&!'!0'*(:!4'+*+!02%!).!)3%*1!+)')2+!*&!
)3%! 5'1J%)C;('1J+.&<EF"QHG! V3*+! B.2(0! 4%! B.&)1'+)%0! ).! *((%,'(! 012,+! *&! K3*B3!
'42&0'&)! +B*%&)*/*B! )%+)*&,! *+! '6'*('4(%! '&0! 5.1%! *5-.1)'&)(:<! D.(('&0CEF"FH!
*&0*B')%+!)3')!)3%1%!'1%!&.!1%B.10%0!0%')3+!02%!).!B'&&'4*+!.6%12+%<!I2%+)*.&*&,!
)3%! -1.02B)! +'/%):!./! [(%,'(! 3*,3+]G! P.1%.6%1<! *&! )%15+! ./! )3%! %B.&.5*B'(! B.+)<!
012,! 0%'(%1+! '1%! -21B3'+*&,! )3.+%! *5*)')%0! (%,'(! 012,+! ')! (.K%1! 5'1J%)! -1*B%+!
'&0!'1%!+2BB%++/2((:!+%((*&,!)3%5!'+!*/!)3%:!K%1%!'B)2'(!012,+!')!3*,3%1!-1*B%+!*&!
)3%!4('BJ!5'1J%)C;('1J+.&<EF"QHG!!V3%1%/.1%<!%6*0%&B%!+%%5+!).!+2,,%+)!)3')!1%b
B1*5*&'(*S*&,!012,+!5':!'((.K!)3%!4('BJ!5'1J%)!).!*&/(2%&B%!B.&+25%1!0%B*+*.&b
5'J*&,G! V3%! %//%B)! ./! )3%! je1.&! O'K! ./! $1.3*4*)*.&j! *+! %6*0%&)! *&! )3%! -1%6*.2+!
B'+%+!./!)3%!a%)3%1('&0+!'+!K%((!'+!*&!)3%!'4.6%!%W'5-(%+!./!)3%!?&*)%0!h*&,0.5<!
K3%1%! B.&+25%1+! K%1%! 5.)*6')%0! ).! .4)'*&! )3%!'B)2'(!-1.3*4*)%0! -1.02B)! .1!
+*5*('1!(%,'(!'()%1&')*6%+!./!*)!.&B%!('K/2((:!.2)!./!1%'B3G!
!
!
!e&!B.&B(2+*.&<!(%,'(*S*&,!B'&&'4*+!5':!41*&,!'4.2)!%B.&.5*B'(!'06'&)',%+!
+2B3! '+! *&B1%'+%0! )'W! 1%6%&2%+! '&0! 420,%)! +'6*&,+<! K3*B3!B.2(0! )3%&! 2+%0! ).!
*5-1.6%! +)')%! K%(/'1%G!!D.K%6%1<! )'W%+! 5':! *&B1%'+%! -1*B%+!(%'0*&,! ).! )'W!
%6'+*.&! '&0! %B.&.5*B! 1%B%++*.&! 5':! +*,&*/*B'&)(:! 0'5',%! 420,%)! *&6%+)5%&)!
-('&+G! ^21)3%15.1%<! (%,'(*S')*.&! 5':! ,*6%! ,.6%1&5%&)+! B.&)1.(! .6%1!)3%!
+24+)'&B%!-1.02B)*.&<!0*+)1*42)*.&!'&0!+'(%!).!'&!%W)%&)<!K3*B3!B.2(0!-.)%&)*'((:!
5*&*5*S%!+.B*'(!B.+)+G!k%)<!B.&+25%1!5*+2+%!./!)3*+!'&B*%&)!-('&)!*+!%W-%B)%0<!'&0!
)3*+! 5':! 'B)! '+! '! 1%'B)*.&'1:! /.1B%! ).K'10+! +.B*%):! '06'&B%5%&)G! ^*&'((:<! )3%!
%++':!-1.6*0%+!%6*0%&B%!).!*&0*B')%!)3')!2()*5')%(:!1%bB1*5*&'(*S*&,!)3%!012,!5':!
*&+)*,')%!B.&+25%1+!).!/2(/*((!)3%*1!&%%0+!4:!*((%,'(!.1!3'15/2(!5%'&+<!K3*B3!5':!
-.++*4(:!*&B(20%!%+)'4(*+3*&,!%B.&.5*B! )*%+!K*)3!)3%!4('BJ! 5'1J%)G!V3%1%/.1%<!*)!
+%%5+! )3')! B.&+25%1! B3.*B%+! -(':! '! 6*)'(! 1.(%! *&! 4.)3! %W)1%5%! %&0+! ./!
(%,'(*S')*.&!'&0!1%bB1*5*&'(*S')*.&<!*5-(:*&,!)3')!)3%*1!*&0*6*02'(!'B)*.&+!*&/(*B)!
%*)3%1!%B.&.5*B!'&0! +.B*'(<!B.+)+!.1!4%&%/*)+! ).!)3%!&')*.&G!a%6%1)3%(%++<!02%!).!
)3%! 62(&%1'4*(*):! ./! )3.+%! 0%B*+*.&+<! *&! 1%,'10+! ).! *&/(2%&B%+! /1.5! )3%! ('K! '&0!
4('BJ!5'1J%)!'(*J%<!)3%!,.6%1&5%&)!5':!-21+2%!(%,'(*S')*.&!).!B.&)1.(!)3%!-('&)!
'&0! 2+%! *)+! -1./*)+! ).! 0*+B.21',%! B.&+25-)*.&! )31.2,3!%//%B)*6%!-1.-','&0'!
K3*(+)!5.&*).1*&,!42+*&%++!)1'&+'B)*.&+!'&0!%&/.1B*&,!)3%!('KG!!!
!
!
L!
!"#$%&'()*+($,-!
!
!''./012-(.2-.)3(.,%.!''145.,4(.6%0).%7.,4(.8%0')-9.
!
e!0%%-(:!)3'&J!5:!:%,4(0!/.1!3%1!B.&+)'&)!+2--.1)!)31.2,3.2)!5:!(*/%!'&0!'(+.!
/.1! -1../! 1%'0*&,! )3*+! %++':]+!/*&'(! 01'/)G! e! '(+.! ,1%')(:! )3'&J! 5:! B(.+%! /1*%&0!
:14+%%). ;1-127!/.1! 3*+! %&0(%++!3%(-! '&0! 3*+! )*5%! ).! 1%'0<! B3%BJ! '&0! 0*+B2++!
*0%'+!K*)3!5%!K3*(%!e!K'+!+)*((!K1*)*&,!)3*+!%++':G!D*+!4'BJ*&,!1%'((:!*5-1.6%0!5:!
B.&/*0%&B%!)31.2,3.2)!)3*+!U.21&%:G!! e! '(+.! )3'&J!<2-41+. !=(('<!'&.)3%1!B(.+%!
/1*%&0<!/.1!)3%!+'5%!1%'+.&+!'&0!e!,*6%!)3'&J+!).!>1&1?. !'@1AA1)!lB(.+%!/1*%&0!
'+!K%((m!/.1!3*+!%'1(:! B.&)1*42)*.&+! '&0! %&B.21',%5%&)G!^*&'((:<!e!'--1%B*')%!'((!
)3%!*&0*1%B)!+2--.1)!/1.5!+A.%,4(0.)(10.'%B().%$(-G!!
!
!
l)*+,$'-.&/0/,$',+10,&'$20#3$+4,3&5!$33$*',6$.0m!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
>!
`%/%1%&B%+n!!
!
A41'3'5<!PGYG">>>G!7."-03,*6,8#&9,7&#-1"303,:',;10,)0+10#."'/3G!l_&(*&%mG!
lABB%++%0!=!P':!EF"QmG!A6'*('4(%!/1.5n!3))-nooKKKGB%01.b
26'G.1,o(*4o'41'3'5G-('B%+G-0/!
!
M.:%))%<!;G!'&0!\*(+.&<!9G!EF"QG!e)]+!EF"Qn!e+!K%%0!(%,'(!*&!:.21!+)')%pG!<)),
)0=3Gl_&(*&%mG!T!9'&2'1:G!lABB%++%0!=F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-noo%0*)*.&GB&&GB.5oEF"QoF"oFTo2+o1%B1%')*.&'(b5'1*U2'&'b('K+o!
!
;'+'<EFFLG!)*'>?0/$-".,?"#$%&"'",:::@,A$+0,*6,7"33"90,*#,A&33$"',A*&.0++0BG!
l_&(*&%mG!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-noo5&.'GB.5o&.&5%0*B'(G-0/!
!
;'2(J*&+<!9G$G!'&0!O%%<!PGAG;GEF"EG!V3%!Y12,!$.(*B:!`.2(%))%G!)"+$*'".,
C66"$#3Gl_&(*&%mG!C"EH<!--G=QbQ"G!lABB%++%0!"F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG&')*.&'('//'*1+GB.5o0.B(*4oEF"EFd">q;'2(J*&+O%%qe&0*6G-0/!
!
;*21*'J<!aG!EF"FG!D*,3!V*5%!/.1!;3'&,%n!A!@.2&0<!D25'&%<!'&0!^*+B'((:!
`%+-.&+*4(%!P'1*U2'&'!$.(*B:!/.1!;'&'0'G!D&00'E3,7*.$-4,A02$0=F,l_&(*&%mG!
CC"H<--GdFbTQG!lABB%++%0!"F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKGI2%%&+2GB'o+-+oI-1o*++2%+o6.("*++2%"oB*21*'JG-0/!
!
;('1J+.&<\G!EF"QG!\*((!:.21!B3*(0!0*%!/1.5!'!(%,'(!3*,3p!^1%%(:!'6'*('4(%!'&0!
)'1,%)%0!')!&'*6%!)%%&',%1+<!B3%5*B'(!3*,3+!K*((!+..&!J*((!5.1%!M1*).&+!)3'&!
3%1.*&!8!+.!K3:!0.!)3%:!1%5'*&!'4.6%!)3%!('KpG;10,8"$.4,?"$.G!l_&(*&%mG!">!
A-1*(G!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG0'*(:5'*(GB.G2Jo&%K+o'1)*B(%b=FZZLZFo\*((bB3*(0b0*%b(%,'(b
3*,3b^1%%(:b'6'*('4(%b)'1,%)%0b&'*6%b)%%&',%1+bB3%5*B'(b3*,3+b+..&bJ*((b
M1*).&+b3%1.*&G3)5(,
!
;.(.1'0.!Y%-'1)5%&)!./!`%6%&2%G!EF"QG!G+"+0,*6,<*.*#"/*@,?"#$%&"'",;"H03I,
J$-0'303I,"'/,K003,;#"'360#3,"'/,8$3+#$5&+$*',K05#&"#4,LMNO,G".03,A0P*#+0/,$',
?"#-1,LMNOG!l_&(*&%mG!lABB%++%0!EQ!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-+nooKKKGB.(.1'0.G,.6o-'B*/*Bo+*)%+o0%/'2()o/*(%+oFE"QfEFP'1*U2'&'f
EFV'W<fEFO*B%&+%<fEF'&0fEF^%%+fEF`%-.1)G-0/!
!
Y.&.32%<!9G9GEF"ZG!Y12,!$1.3*4*)*.&!'&0!*)+!A()%1&')*6%+Gl_&(*&%mG!--G"bE"G!
lABB%++%0!E>!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-+nooKKKG('KG2-%&&G%02o(*6%o/*(%+oE>"Eb0.&.32%b.&b012,b-.(*B:bb2b
-%&&bK.1J+3.--0/!
!
N'+).&<!@GVG!EFFZG!7&5.$-,7*.$-4,G*&#-03@!?"#$%&"'",Q#*=+1,:',R#$+$31,
<*.&!5$"G!i'&B.26%1n!^1'+%1!e&+)*)2)%!_BB'+*.&'(!$'-%1G!!
!
N6'&+<!gGYG!EF"=G!V3%!NB.&.5*B!e5-'B)+!./!P'1*U2'&'!O%,'(*S')*.&G!;10,
S*&#'".,*6,Q.*5".,8#&9,7*.$-4,"'/,7#"-+$-0G!l_&(*&%mG!DEFCEFZH<!--G!"b=>G!
lABB%++%0!"F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG,(.4'(012,-.(*B:G.1,oe++2%+oi.(fEFTfEFe++2%fEFZoV3%fEF
!
"F!
NB.&.5*BfEFe5-'B)+fEF./fEFP'1*U2'&'fEFO%,'(*S')*.&fEF/*&'(fEF/.
1fEFU.21&'(G-0/!
!
D%&&*&,<YGEF"FG!)0=,9*20#'!0'+,-*".$+$*',$',+10,)0+10#."'/3Gl_&(*&%mG!
lABB%++%0!L!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKGK+K+G.1,o%&o'1)*B(%+oEF"Fo"FoK*(0b.F>G3)5(!
!
D.(('&0<!9G!EF"FG!;10,7*+,R**T@,C,<*!P.0+0,Q&$/0,+*,<"''"5$3G!`.B3%+)%1n!$'1J!
@)1%%)!$1%++G!!
!
h%++%(<!@GiG!EF"FG!U.0-+$*',R#$06$'9,)*FOV,;10,8&+-1,Q0'0#".,U.0-+$*',*6,S&'0,
LMNMG!l_&(*&%mG!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-+nooKKKG+2++%WG'BG2JoK%4)%'5o,')%K':o/*(%G-3-p&'5%r%-%1&b
%(%B)*.&b41*%/*&,b&.bQZG-0/s+*)%rEdd!
!
h*&,<!`G@G!'&0!P'2%1<!PG!EFFdG V3%!K'1!.&!5'1*U2'&'n!V3%!)1'&+/.15')*.&!./!
)3%!K'1!.&!012,+!*&!)3%!">>F+G!W"#!,A0/&-+$*',S*&#'".Gl_&(*&%mG!GCdH<--G"b"TG!
lABB%++%0!Q!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG4*.5%0B%&)1'(GB.5oB.&)%&)o-0/o"ZTTbTQ"Tb=bdG-0/!
!
O'&%<$G`GEF"EG!V3%!N21.-%'&!@.6%1%*,&!Y%4)!;1*+*+G!;10,S*&#'".,*6,U-*'*!$-,
70#3P0-+$203Fl_&(*&%mG!DHC=H<!--GZ>bdLG!lABB%++%0!d!P':!EF"QmG!A6'*('4(%!
/1.5n!
3))-noo0.B+%16%1G*&,%&)'B.&&%B)GB.5o0%(*6%1oB.&&%B)o'%'oFL>Q==F>o6Ed&
=o+=G-0/p%W-*1%+r"Z=""=TL"Zs*0rL"T=d=Q=s)*)(%*0rd""Ts'BB&'5%rg2%+
)t?+%1sB3%BJ+25rYEE>>E=ETd=E^Z^=LM^E>;>^>L>=>NTL!
!
P*1.&<!9GAG!EFFQG;10,R&/90+"#4,:!P.$-"+$*'3,*6,?"#$%&"'",7#*1$5$+$*'Gl_&(*&%mG!
lABB%++%0!Z!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG-1.3*4*)*.&B.+)+G.1,oK-b
B.&)%&)o2-(.'0+oEF"EoFZoP*1.&`%-.1)G-0/!
!
P21J*&<gGEF"ZG8#&9,80-#$!$'".$3"+$*',$',7*#+&9".@,30++$'9,+10,#0-*#/,3+#"$91+G!
l_&(*&%mG!lABB%++%0!d!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG)0-/G.1,G2Jo1%+.21B%+o-24(*B')*.&+o012,b0%B1*5*&'(*+')*.&b
-.1)2,'(b+%))*&,b1%B.10b+)1'*,3)!
!
P2+).<!YG^G!">>"G!_-*25<!;.B'*&%!'&0!P'1*U2'&'!*&!A5%1*B'&!D*+).1:G!
G-$0'+$6$-,C!0#$-"'Gl_&(*&%mG!DHI<!--GZFbZTG!lABB%++%0!E>!A-1*(!EF"QmG!
A6'*('4(%!/1.5n!3))-nooFb
KKKG&')21%GB.5GK'5G(%%0+G'BG2Jo+B*%&)*/*B'5%1*B'&oU.21&'(o6EdQo&"o/2((o
+B*%&)*/*B'5%1*B'&FT>"bZFG3)5(!
!
a')*.&'(!g%.,1'-3*B!Y.B25%&)'1:<!EF"ZG,8*-&!0'+"#4,X',;10,U660-+3,X6,R"+1,
G".+3,C'/,J09".,W$91Gl_&(*&%mG!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-+nooKKKG:.2)24%GB.5oK')B3p6r9KRRA43KuNB!
!
a*B.((<\GEF"QGV3%!`*+%!'&0!`*+%!./!O%,'(!D*,3+G!?0'E3,W0".+1Gl_&(*&%mG!
lABB%++%0!>!P':!EF"QmG!A6'*('4(%!
!
""!
/1.5n3))-nooKKKG5%&+3%'()3GB.G2Jo3%'()3:o'00*B)*.&+o)3%b1*+%b'&0b1*+%b
./b(%,'(b3*,3+!
!
`.01*I2%S<!;G!EF"ZG!P'1*U2'&'!e&!D.(('&0!P.6%+!^21)3%1!^1.5!O%,'(*S')*.&G!
K*#503Gl_&(*&%mG!"=!P':G!lABB%++%0!=F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG/.14%+GB.5o+*)%+oB%B*(*'1.01*,2%SoEF"ZoFQo"=oK3:b-.)b*+b
(.+*&,b*)+b(2+)1%b*&b)3%b&%)3%1('&0+o!
!
`2)+B3<$GEF"QG v2'(*):bV%+)*&,!O%,'(!P'1*U2'&'n!@)1.&,!M2)!a.)!A(K':+!
;(%'&G!)7A,)0=3G!l_&(*&%mG!EZ!P'1B3G!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-nooKKKG&-1G.1,o4(.,+o3%'()3oEF"QoF=oEZo=>QFdQd>>oI2'(*):b
)%+)*&,b(%,'(b5'1*U2'&'b+)1.&,b42)b&.)b'(K':+bB(%'&!
!
@3(%:&.6<!`G!%)!'(GEFFLG!P'0%!).!4%!+52,,(%0n!`2++*'&!B.&)1'4'&0!B*,'1%))%+!
[/(..0*&,]!N?G!;10,<0'+0#,6*#,7&5.$-,:'+09#$+4G!l_&(*&%mG!lABB%++%0!Z!P':!EF"QmG!
A6'*('4(%!/1.5n!3))-nooKKKG-24(*B*&)%,1*):G.1,oEFFLo"FoEFod=Q=o5'0%b
4%b+52,,(%0!
!
@5*)3<!`G@G">T>G!\',%!Y*//%1%&)*'(+!'&0!$24(*B!$.(*B:n!A!`%6*%KG!:'/&3+#$".,
"'/,J"5*#,A0."+$*'3,A02$0=G!l_&(*&%mG!GDC=H<--G==>b=QEGlABB%++%0!=!P':!
EF"QmG!A6'*('4(%!/1.5n 3))-nooKKKGU+).1G.1,o+)'4(%oEQEEEd=!
!
@)')%!./!;.(.1'0.G!EF"QG!?"#$%&"'",A0+"$.0#3,Y,W*!0,Q#*=0#3Fl_&(*&%mG!
lABB%++%0!d!P':!EF"QmG!A6'*('4(%!
/1.5n3))-+nooKKKGB.(.1'0.G,.6o-'B*/*Bo5'1*U2'&'*&/.0%&6%1o5'1*U2'&'b
1%)'*(%1+b3.5%b,1.K%1+!
!
@K*/)<!AG!EF"=G!^.1!^*1+)!V*5%!A5%1*B'&+!^'6.1!O%,'(*S*&,!P'1*U2'&'Gl_&(*&%mG!
--G"bZGlABB%++%0!=F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-noo52+J.J'-3'15'GB'oK-bB.&)%&)o2-(.'0+oEF"ZoF"ogAOO?$b$_OOb
QLb-%1B%&)b./bA5%1*B'&+b\'&)bO%,'(*S')*.&G-0/!
!
@S'('6*)S<PGEFF>G!Y12,+!*&!$.1)2,'(n!Y*0!Y%B1*5*&'(*S')*.&!\.1JpG!;10,;$!03G!
l_&(*&%mG!Ed!A-1*(G!lABB%++%0!"F!A-1*(!EF"QmG!A6'*('4(%!/1.5n!
3))-nooB.&)%&)G)*5%GB.5o)*5%o3%'()3o'1)*B(%oF<LQ>><"L>=>Zd<FFG3)5(!
!
V3.1&).&<!PG!">>"G!A(B.3.(!$1.3*4*)*.&!\'+!A!^'*(21%G!!<"+*,:'3+$+&+0,7*.$-4,
C'".43$3G!l_&(*&%mGCIF<--G"b"EGlABB%++%0!d!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-noo.4U%B)GB').G.1,o+*)%+oB').G.1,o/*(%+o-24+o-0/o-'"QTG-0/!
!
\%A1%;3'&,%<EF"=G!W*=,)0=,<"''"5$3,7#*1$5$+$*',J"=3,<#0"+0/,<#$!0,$',
W*.."'/Gl_&(*&%mG!lABB%++%0!T!P':!EF"QmG!A6'*('4(%!/1.5n!
3))-+nooKKKG:.2)24%GB.5oK')B3p6rF5&93TKSii?!
!
!
!
!
ResearchGate has not been able to resolve any citations for this publication.
Article
Full-text available
This paper focuses on the place of purchase of drugs in the Netherlands. The reason to focus on this topic is that one of the aims of Dutch policy is to separate the cannabis market from that of most other drugs. Dutch narcotics legislation distinguishes 'drugs with acceptable risks' and 'drugs with unacceptable risks' (see Leuw 1994, Cohen 1994, de Kort 1995). Drugs with acceptable risk include cannabis and mushrooms. Drugs with unacceptable risk include heroin, cocaine, LSD and ecstasy. The question addressed here is whether or not the system of tolerated distribution of cannabis type drugs and mushrooms via the so called coffee shop and smart shop supports this separation or not. We will show that distinction between distribution of cannabis type drugs and 'drugs with unacceptable risks' is indeed partly valid. Evidence for this conclusion is found in the results of a large national drug use survey. In 1997, approximately 22,000 respondents throughout the Netherlands were asked about their lifestyles and use of licit and illicit drugs. Additionally, they were questioned on the place of purchase of their consumed drugs. The data collected indicate that relatives and friends are either the most important or the second most important source for obtaining drugs. The paper concludes that the market of acceptable and unacceptable risk drugs is separated. This means that few drugs other than cannabis are purchased in coffee shops. However, locations of unregulated cannabis distribution exist beside a regulated market. We have well-founded reasons to believe that most cannabis is distributed by coffee shops, and thus regulated. We do not know what happens in the unregulated parts of the cannabis market place.
Article
Full-text available
As the "war on drugs" enters the latter half of its third decade since being forged into the American lexicon by President Ronald Reagan, the public has grown more skeptical of the current strategy and has proven to be receptive to a broader consideration of alternatives to incarceration. This has been the case most notably with marijuana offenses, where the policy discussion has shifted in some localities to one of decriminalization or de-prioritizing law enforcement resources dedicated to pursuing possession offenses. Despite the increased profile surrounding marijuana policy in recent years, there remains a significant degree of misunderstanding regarding the current strategy, both in terms of how resources are being allocated and to what eventual gain. Previous studies have analyzed drug offenses as a general category, but there has yet to be a single study that has focused specifically on marijuana offenders at all stages of the system. This report analyzes multiple sources of data for the period 1990-2002 from each of the critical points in the criminal justice system, from arrest through court processing and into the correctional system, to create an overall portrait of this country's strategy in dealing with marijuana use. The study found that since 1990, the primary focus of the war on drugs has shifted to low-level marijuana offenses. During the study period, 82% of the increase in drug arrests nationally (450,000) was for marijuana offenses, and virtually all of that increase was in possession offenses. Of the nearly 700,000 arrests in 2002, 88% were for possession. Only 1 in 18 of these arrests results in a felony conviction, with the rest either being dismissed or adjudicated as a misdemeanor, meaning that a substantial amount of resources, roughly 4 billion dollars per year for marijuana alone, is being dedicated to minor offenses. The results of this study suggest that law enforcement resources are not being effectively allocated to offenses which are most costly to society. The financial and personnel investment in marijuana offenses, at all points in the criminal justice system, diverts funds away from other crime types, thereby representing a questionable policy choice.
Chapter
Both legal (alcohol, tobacco) and illegal drugs impose substantial costs on society, but the nature of the costs varies dramatically between use and prohibition costs. This paper tries to assess whether movements toward legalization or towards tougher criminalization are likely to be welfare-enhancing by estimating the scale of the problem associated with legal and illegal drug use and by comparing the current prohibition on drugs in the United States with alternative drug policies implemented internationally (including Portugal's experiment with decriminalization). The path for welfare-enhancing reform is neither pure laissez faire (substantial regulation and taxation are needed with legalization) or an all-out war on drugs (at the least, substantial reductions in drug-related incarceration would improve the criminalization strategy).
Article
Advocates of marijuana prohibition argue that it reduces marijuana trafficking and use, thereby discouraging crime, improving productivity, and enhancing public health. Critics counter that prohibition has only modest effects on trafficking and use, and that it causes many problems typically attributed to marijuana itself. Both sides agree, however, that the cost of prohibition enforcement is quite large. And anti-prohibitionists note that prohibition prevents taxation of marijuana production and sale. If marijuana were legal, they argue, enforcement costs would be negligible, and governments could have a rich new source of revenue by levying taxes on the production and sale of marijuana. This chapter is devoted to estimating these savings and revenue gains. The chapter proceeds as follows. Section II estimates state and local expenditure on marijuana prohibition. Section III estimates federal expenditure on marijuana prohibition. Section IV estimates the tax revenue that would accrue from legalized marijuana. Section V discusses caveats and implications.
Article
Over the past 200 years, Americans have twice accepted and then vehemently rejected drugs. Understanding these dramatic historical swings provides perspective on our current reaction to drug use
Places of Drug Purchases In The Netherlands Available from: http://www.cedro-­‐ uva.org/lib/abraham.places It's 2015: Is weed legal in your state?. CNN News
  • M D Abraham
  • C Boyette
  • J Wilson
Abraham, M.D.1999. Places of Drug Purchases In The Netherlands. [Online]. [Accessed 3 May 2015]. Available from: http://www.cedro-­‐ uva.org/lib/abraham.places.pdf Boyette, C. and Wilson, J. 2015. It's 2015: Is weed legal in your state?. CNN News.[Online]. 7 January. [Accessed 30 April 2015]. Available from: http://edition.cnn.com/2015/01/07/us/recreational-­‐marijuana-­‐laws/
Non-­‐Medical Marijuana III: Rite of Passage or Russian Roulette Available from: http://mnoa.com/nonmedical.pdf Caulkins
  • J P Casa
  • M A C Lee
Casa,2008. Non-­‐Medical Marijuana III: Rite of Passage or Russian Roulette?. [Online]. [Accessed 7 May 2015]. Available from: http://mnoa.com/nonmedical.pdf Caulkins, J.P. and Lee, M.A.C.2012. The Drug Policy Roulette. National Affairs.[Online]. (12), pp.35-­‐51. [Accessed 10 April 2015]. Available from: http://www.nationalaffairs.com/doclib/20120619_CaulkinsLee_Indiv.pdf Ciuriak, N. 2010. High Time for Change: A Sound, Humane, and Fiscally Responsible Marijuana Policy for Canada. Queen's Policy Review. [Online].
The Economic Impacts of Marijuana Legalization The Journal of Global Drug Policy and Practice Available from: http://www.globaldrugpolicy.org
  • G D Evans
Evans, G.D. 2013. The Economic Impacts of Marijuana Legalization. The Journal of Global Drug Policy and Practice. [Online]. 207(204), pp. 1-­‐39. [Accessed 10 April 2015]. Available from: http://www.globaldrugpolicy.org/Issues/Vol%207%20Issue%204/The%20 Economic%20Impacts%20of%20Marijuana%20Legalization%20final%20fo r%20journal.pdf Henning,D.2010. New government coalition in the Netherlands.[Online]. [Accessed 8 May 2015]. Available from: http://www.wsws.org/en/articles/2010/10/wild-­‐o09.html Holland, J. 2010. The Pot Book: A Complete Guide to Cannabis. Rochester: Park Street Press.
why-­‐pot-­‐is-­‐ losing-­‐its-­‐lustre-­‐in-­‐the-­‐netherlands Quality-­‐Testing Legal Marijuana: Strong But Not Always Clean Available from: http://www.npr.org/blogs/health Made to be smuggled: Russian contraband cigarettes 'flooding' EU. The Center for Public Integrity Available from
  • Forbes Rutsch
Forbes.[Online]. 13 May. [Accessed 30 April 2015]. Available from: http://www.forbes.com/sites/ceciliarodriguez/2014/05/13/why-­‐pot-­‐is-­‐ losing-­‐its-­‐lustre-­‐in-­‐the-­‐netherlands/ Rutsch,P.2015. Quality-­‐Testing Legal Marijuana: Strong But Not Always Clean. NPR News. [Online]. 24 March. [Accessed 7 May 2015]. Available from: http://www.npr.org/blogs/health/2015/03/24/395065699/quality-­‐ testing-­‐legal-­‐marijuana-­‐strong-­‐but-­‐not-­‐always-­‐clean Shleynov, R. et al.2008. Made to be smuggled: Russian contraband cigarettes 'flooding' EU. The Center for Public Integrity. [Online]. [Accessed 4 May 2015]. Available from: http://www.publicintegrity.org/2008/10/20/6353/made-­‐ be-­‐smuggled Smith, R.S.1979. Wage Differentials and Public Policy: A Review. Industrial and Labor Relations Review. [Online]. 32(3),pp.339-­‐352.[Accessed 3 May 2015]. Available from: http://www.jstor.org/stable/2522263
It's 2015: Is weed legal in your state
  • C Boyette
  • J Wilson
Boyette, C. and Wilson, J. 2015. It's 2015: Is weed legal in your state?. CNN News.[Online]. 7 January. [Accessed 30 April 2015]. Available from: http://edition.cnn.com/2015/01/07/us/recreational--marijuana--laws/