California’s Gigantic Medical-Marijuana Industry Could Be Devastated by an Unlikely Source

If you support the legalization of marijuana, 2016 didn’t give you much to complain about. Last year, residents in four states approved recreational-marijuana ballot initiatives, doubling the total from the end of 2015, while five new states put medical-cannabis laws on their books. By year’s end, 28 states and Washington, D.C., had legalized medical pot.

And there’s more where that came from. We saw two battleground states — Pennsylvania and Ohio — introduce and pass medical-marijuana legislation without sending it to a public vote. We also saw a continued softening in the public’s opinion toward marijuana, which remains an illegal drug at the federal level. Gallup’s 2016 poll found that 60% of Americans now want to see the substance legalized nationwide, up from just 25% when California passed the first compassionate-use law in 1996. Legal weed sales have also soared. Cannabis research firm ArcView sees sales reaching nearly $22 billion by the end of the decade, while investment firm Cowen & Co. projects a better-than-23% annualized growth rate leading to $50 billion in legal sales by 2026.

To read more: http://www.foxbusiness.com/markets/2017/01/01/california-gigantic-medical-marijuana-industry-could-be-devastated-by-unlikely.html

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