Cannabis entrepreneurs spent decades longing for Washington’s blessing — but now a vocal corner of the industry is afraid federal marijuana legalization poses an existential threat.
Two in three Americans live in a state that has approved the sale of recreational weed. What has evolved in the policy gap with federal law over the past decade is a patchwork of state-sanctioned fiefdoms where cannabis markets have largely developed locally and extend just to the border.
But the prospect of lifting all federal prohibitions has some business owners, regulators and lawmakers afraid doing so too quickly will invite industry behemoths to eat up small companies and push minority-owned firms out altogether.
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