The great debate: to weed or not to weed. THAT is the question.

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Is it time that the United States decides to vote for the decriminalization and taxation of marijuana sales in order for bankrupt states to generate revenue? From what I understand President Obama has passed a bill that prevent the federal government from interfering with states who allow posession and sale of marijuana. Thus, it would be up to each state to implement such a law. What would be the pros and cons of leagalizing marijana?