Does Cannabis Legalization Decrease Productivity?

One particular concern with cannabis legalization or drug legalization in general is that it may reduce the amount of productivity. The classic story goes like this: people use drugs, particularly cannabis which has more sedative effects than the other drugs up for consideration, and they become addicted to them, become lazier, somtimes leaving their jobs, going on welfare, etc. and getting sucked into a life of drugs. Perhaps this is a more extreme version of the argument. If so, I am also disagreeing with the moderate version. Anyways, does it hold up?

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