Legal Marijuana: Why the States Are Loosening The Leash
It appears we’re witnessing the marijuana industry’s transition out of the experimental phase. With only a few actual, accessible legal markets in the United States, marijuana – though attractive and promising – has been viewed with a high level of skepticism by both lawmakers and investors. There’s room for explosive growth, but also the possibility that the whole industry could be shut down overnight. But booming sales, coupled with little or no trace of negative externalities, is leading states to loosen up a bit, and let the hidden hand work its magic.
For states with planned legal marijuana markets in operation – as of right now, that’s Washington, Colorado, and Oregon (Alaska’s working on it) – the industry has been a boon. Jobs are being created, revenues are being redirected away from street dealers and to voter-approved coffers, and law enforcement agencies are freeing up resources to be used elsewhere.
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