The study published Wednesday by the Rand Drug Policy Research Center says "considerable uncertainty" surrounds the state ballot initiative.
It would allow adults, 21 and over, to legally possess an ounce of marijuana. It would also allow cities and counties to license and tax commercial pot sales.
The authors predict retail marijuana prices could drop from $375 an ounce under the state's current medical marijuana law to about $91 an ounce once taxes are figured in.
