Yglesias points out that, with "the application of modern efficient agribusiness methods, marijuana prices should be more like tea prices—closer to $3 an ounce of usable product than the current $300." Why that won't happen in Colorado or Washington:
The DEA is not going to be able to police these states rigorously, but they’ll be able to spot a gigantic marijuana farm pretty easily. Even if the Obama administration takes Emily Bazelon’s wise counsel and eases off on federal interference it’s still going to be extremely challenging to raise large quantities of startup capital to finance businesses that remain technically illegal. Even if President Obama suddenly announced he wouldn’t enforce any marijuana laws, pot businesses would still be tenuous. That easing off could be reversed at the drop of a hat, making a decision to go build a marijuana drying and packaging factory quite risky.