I think you guys are dead wrong about the pricing. If it were me in Washington this is how I would draw out the bill.

Bill# 0000-000-0000-00

Legislation to repeal the Prohibition of Marijuana.


In regards to Possesion.

It shall be legal to posess on your person or place of residence no more than 1 oz. Marijuana at one time.

The legal age to possess and/or buy Marijuana shall be set at 21 years of age.

It shall be illegal to posess any opened package containing marijuana in a motor vehicle. (Similar to alcohol open container laws)

In regards to taxes.

The federal goverment shall impose a sellers tax of no more than 25% of the manufacterer's standard retail price per retail package.

States will be obliged to create there own taxes.

In regards to marijuana establishments

An establishment wanting to sell marijuana shall obtain a federal purchase license as well as state certification.

A program shall be created to train the employees of these establishments regarding age limits and proper sale of the product.

A limit shall be placed on the amount of such establishments in a given area based on population.

There shall be no more than 1 establishment per 10.000 people in a given state, county, or metropolitan area.

Of course there would be other things to consider like export/import taxes. Interstate trade would be a big thing to consider. What jobs can refuse to hire potheads would be a huge issue as well. I dunno maybe I'm just high. :D
I think for a "pack" of marijuana joints packaged exactly like cigarettes with all taxes and what not should cost no more than $10-$15 American clams.