The Institute for Social and Economic Research, with the University of Essex, recently concluded a study into a cost benefit analysis of regulating and taxing marijuana in England and Wales. The study examined the potential economic benefits of regulation, as well as examining the possible social costs and social benefits of a policy change. The study, which was led by economics professor Stephen Pudney, found that England and Wales could save up to £300m per year on policing, prosecuting, and treatment…