Making cannabis into a commodity

For another sign that the multibil­lion-dollar cannabis industry is becoming more corporate as it surfaces from the underground, look no further than Eddie Miller's plan to start a marijuana com­modities exchange next year in Colorado.

If it goes well in one of four states with a legal adult recreational market, the 3o-year-old New York entrepreneur will look to California — where medicinal marijuana is legal — because he thinks it is "absurd" that cannabis isn't traded on an open, transparent exchange like other agricultural products. Miller feels it is time for the cannabis industry to move beyond its current quasi-legal state in which farmers toss their product in the back of their car and drive it to dispensaries where they sell it for cash.

"It should be like any other com­modified good or product," said Miller, who was in San Francisco this week to host his Cannabis Investor...

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