Haze of uncertainty surrounds pot firms

This is a marijuana update.

Legal marijuana sales continue to draw national attention. BloombergBusiness recently estimated that the industry’s revenues are nearly $3 billion annually – almost all in cash.

The industry has attracted financing from investment funds. Willie Nelson and former New Mexico Gov. Gary Johnson have entered businesses to support funding and legalization. The New Yorker magazine recently featured the first Marijuana Investors Summit held in Denver and more than 800 people attended the affair to learn about financing marijuana. The underlying theme of the conference, as reported by The New Yorker, was that federal legalization will occur at some time in the future and all those marijuana businesses, retail or medical, will become takeover targets for national companies.

Although it is not likely that New Mexico’s current governor will welcome legal pot – and there has been little pressure for it in the Legislature – with the...

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