One consequence of a single or small number of legalized drug economies in Latin America while the US remains with prohibition could be the rise of a form of privateering.
Private security organizations or rival criminal groups could organize around the goal of seizing drugs, weapons and money from drug cartels and then delivering them to the legalized state. At that point, they could "launder" the drugs and move them into a semi-legal market. Then find a way to move them in to the US.
This would create a violent criminal and criminal warfare situation outside of the legalized state and potentially within it as well, neutralizing any advantages gained from removing prohibition.
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