The Opportunities and Pitfalls for the Legalized Marijuana Industry

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More than 20% of Americans waking up the morning after Election Day did so in a state that has legalized recreational cannabis.

At least six states voted to legalize marijuana in some form, with California, Massachusetts, and Nevada voting to legalize adult-use, or recreational cannabis, while Arkansas, Florida, and North Dakota legalized medical pot. (Maine’s vote on recreational cannabis was still too close to call as of Thursday morning.) Now the US has 29 states with legal medical marijuana, and at least seven states have legal recreational pot markets.

The legal marijuana industry could generate roughly $22 billion in annual sales across the US within four years.

At the same time, there is some cause for concern over what Donald Trump’s surprise victory could mean. Would the president-elect’s administration go against the will of voters in an ever-growing number of states? Trump has previously voiced support for legalized...

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