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First recreational marijuana seller in US expects sky-high revenue boost
The states of Colorado, Washington, Oregon, Alaska and the District of Columbia have already enacted legalized adult use of marijuana. A total of 24 states have passed medical marijuana laws. Over the next two years, ArcView Market Research expects ballot initiatives to legalize adult use of marijuana to pass in eight states including California, Nevada, Florida, and Rhode Island. Maryland, New York, and Minnesota are expected to finalize adult use legislation by the end of 2016. The addition of California alone will more than double the size of the legal marijuana market.
Marijuana is a Schedule-I controlled substance and is illegal under federal law. Even in those states in which the use of marijuana has been legalized, its use remains a violation of federal laws. The state laws are in conflict with the federal Controlled Substances Act, which makes marijuana use and possession illegal on a national level. The Obama administration has effectively stated that it is not an efficient use of resources to direct federal law enforcement agencies to prosecute those lawfully abiding by state-designated laws allowing the use and distribution of medical marijuana. However, there is no guarantee that the administration will not change its stated policy regarding the low-priority enforcement of federal laws. Additionally, any new administration that follows could change this policy and decide to enforce the federal laws strongly.