A new study by the Mexican Competitiveness institute takes a look at Mexican cartel revenues and their fragility in light of legalization initiatives in Washington, Colorado, and Oregon. The study calculates hypothetical post-legalization prices in each of the three states that might legalize and estimates that consumers and distributors would select to buy domestically-produced marijuana as long as it is cheaper than the Mexican-trafficked equivalent. According to the study, this might lead to a loss of nearly $1.5 billion to the cartels if Colorado legalizes, about $1.35 billion if Washington legalizes, and about $1.8 billion if Oregon were to legalize. The study is based on previous studies by experts at RAND, including Reducing Drug Trafficking Revenues and Violence in Mexico: Would Legalizing Marijuana in California Help? by Beau Kilmer, Jonathan P. Caulkins, Brittany M. Bond, Peter H. Reuter.