The legal-weed industry that has been enjoying an increase in states that support marijuana has expressed concerns as Trump’s administration takes over.
It is still unclear which direction President-elect Donald Trump will take regarding marijuana legalization. However, many of his aides have been on record campaigning against legalization of the substance. It is now emerging that the U.S. Justice Department could be influenced to abolish the noninterference policy that was started in 2013. Marijuana is considered illegal under federal law.
On November 8, the number of states that accept recreational weed was raised to 8 after voters in Massachusetts, California, Nevada and Maine approved the new law.
According to Emily Paxhia; the Poseidon Asset Management LLC managing director, Trump’s win over Hillary Clinton has cast a dark shadow on the future of marijuana legalization. She adds that this has put a stop to their celebrations and they are now looking at the worst possible scenario.
The San Francisco-based company has pumped more than $10 million in the marijuana business.
Just like in many issues, it is hard to tell where Trump’s loyalty lies regarding the marijuana issue. According to Trump, it is a “bad” experiment to legalize weed for recreational purposes, it should only be used for medicinal reasons. However, he has also stated that this issue should be handled by the states.
The marijuana industry can make up to $6 billion-a-year. In January, one in 5 adults will be living in states that have legalized cannabis. It is estimated that the income will triple as the new states start executing the law.
Medical marijuana will be legal in 28 states, including four that approved the law recently.
According to Dona Frank; the chief executive officer of Santa Rosa, it would be impossible to turn back and therefore it is best for the authorities to tax and regulate. Santa Rosa is a Calif-based Natural Cannabis company.
The National Cannabis Industry Association has launched a campaign to educate members of Congress from states that have recently legalized recreational marijuana. The group aims to remind the Trump administration that 60 percent of the U.S. population has access to some kind of legal marijuana.
According to Jonathan Caulkins; a Carnegie Mellon University professor, Trump can be persuaded by his advisers to close marijuana businesses and therefore all marijuana supporters should prepare for the worst.
The association will be using their Vegas events to lay down their agendas. The events include: the Arcview Investor Forum and the PMarijuana Business Daily’s 5th Annual Marijuana Business Conference & Expo.
Interesting times lie ahead for the marijuana industry, as Donald Trump takes office in January.
