So what’s the deal with weed?
It’s sort of legal, but also not really. It’s a plant … or at least a flower that’s derived from one. Back when it mostly grew out of the ground, it was demonized by Nixon’s DEA as a gateway drug; now that it’s taxable and grown in hulking, byzantine greenhouses, it’s seen as a path to redemption from the opioid epidemic and a road to riches for investors and entrepreneurs.
The sales of legal cannabis are projected to reach somewhere in the realm of $35 billion within the next five years. The actual economic impact of that market could hit $130 billion in that same timeframe. Marijuana startups are cropping up like they were being founded in hydroponic soil and bathed in UV light. Dozens of cannabis companies (mostly based in Canada, since it’s not federally legal in the US) are already available for trading in American markets. Marijuana is fully legal in 15 states (as well as DC) and at least somewhat legal in all but three states.
The green wave is coming. My inbox flows over with PR pitches from upstart marijuana companies and thinkpieces about the industry every week. In my financial news consumption, I hear about cannabis stocks on a near daily basis. In my political reading, I’m constantly reminded of the state-vs.-federal debate that underpins policy and legalization. And in keeping up with social-justice issues, I’m constantly reminded of the ugly and devastating impact marijuana and the war on drugs has had on Black and brown communities across the country.