Introduction As Jeffrey Miron highlights in his study, (2005), Nobel laureates George Akerlof, Milton Friedman, and Vernon Smith have offered valid reasons for their support for the legalization of marijuana. The top scholars from reputable institutions with accomplished work that has spanned several years have argued that just like tobacco and alcohol, marijuana can bring a great deal of economic significance if legalized. This is because it shall generate a substantial amount of revenue through taxation to the day to day government of respective jurisdictions around the developed world (Caulkins & Bond, 2012). This means that the federal governments in the US …