Through regulation, Polis says Colorado has earned tax revenues. He also says federal decriminalization could also cause banks to lift lift their bans on opening and maintaining accounts for dispensaries, because they would no longer have to fear they weren't acting in compliance with federal law.

Polis likely will have the support of the libertarians for his bill. As Dave Kopel, an adjunct law professor and long-time libertarian says:

"Marijuana was legal from the time when the pilgrims showed up through the 1930s, and the country grew from humble beginnings to a world superpower with legal marijuana," Kopel said. "I think it's a waste of criminal justice resources," to prosecute pot cases.

Polis wrote a letter to Attorney General Eric Holder last February asking him to ensure the feds complied with its October 19th memo on respecting state law. In it he said,

Treating drug policy as primarily an issue of public health, as opposed to an issue of criminal justice, is both practical and compassionate and it has been and will continue to be supported by the voters of Colorado.

Rep. Polis posted the letter on the Colorado Blog Square State, and added:

The DEA must do more to stop their rogue agents from harassing and raiding our medical marijuana dispensaries, which are legal under state law. That's why I sent this letter to Attorney General Holder today.

Colorado Springs alone brought in $500k in tax revenue from medical marijuana in 2010. State-wide, the tax revenue from medical marijuana was $2.2 million.

Can Polis succeed where others have failed? Maybe. No one seriously looks at personal use of marijuana as a crime. Maybe Republicans, including tea partiers, can be persuaded to view decriminalization as a states rights issue, and as a way to help their constituents in cash-strapped states. And if it doesn't pass in 2011, it's still a good idea to get the conversation started and hope in 2012, the smarter view will prevail.