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From the article it sounds like he thinks it was a bad idea because Colorado was left to create an entire regulatory scheme on its own, with no model to follow or even any guarantee that the federal government wouldn't step in to shut the whole thing down at some point. So basically it's not so much "Legalizing Marijuana was a bad idea," but "Legalizing Marijuna first was a bad idea." Also he says in the video he was vocally against the initiative in the first place.