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I suppose it's political pragmatism - it isn't around eversince, it has a lot of consumers - but it's kind of tough to introduce and enroll a new drug for taxation, at the moment when at least "publically" we are "fighting" against those legal drugs that make bank on taxes (aka no advertising for booze or cigarettes..).
If Pot was around 500 years ago, it would probably be a very a lucrative thing from the tax point of view, as it would become publically tolerated and the amount of regular (aka addicted) smokers would be massive..
Now it would still be very tough to explain to all the conservative voters that their son watching a coffee machine will once become a great and valuable / very much taxable contribution to our society..
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