Cannabis Business Hype Is About to Go Up in Smoke
Why Trump’s White House (and market economics) could harsh the industry’s mellow.
Three weeks after the November election, 10,000 marijuana industry officials gathered in Las Vegas for the industry’s largest trade show, partying with celebrities like Jim Belushi to celebrate the promise of an industry poised to grow to $50 billion by 2026. After all, voters in eight states had just approved marijuana proposals, allowing either recreational pot sales or medical marijuana. California, which in 2018 will allow both recreational and medical uses, will soon become the largest weed market in the nation, accounting for an estimated $6 billion in 2018.
But the celebratory vibe was hushed the next morning when President-elect Donald Trump announced that Sen. Jeff Sessions (R-Ala.) was his pick for U.S. attorney general. Sessions has been an outspoken opponent of the industry, telling a Senate meeting last spring, “Good people don’t smoke marijuana.” And ominously: “We need...
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