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President Trumphasn’t Taken A Firm Position On The Issu E Yet, Though He Indicated In Past Statements That He’d Let Stateslead The Charge On Regulating Marijuana.

View photos (Attorney General Jeff Sessions.AP Photo/Alex Brandon) ‘The hidden benefit’ Since marijuana was first legalized in Colorado and Washington in 2012, the legal marijuana industry has existed in a federal gray area. The industry is regulated on a state-by-state basis. That gray area has made the industry vulnerable to political risk, according to Christov. Without clearly established rules or regulations, a new administration like Trump’s could encroach on state-regulated marijuana enterprises. However, marijuana advocates and policy experts say they expect the Trump Administration, and the Sessions-led Justice Department, to respect states’ rights to legalize and regulate marijuana without federal interference. “Picking a fight with the growing number of states that are enacting popularly supported marijuana laws would be a huge distraction that the White House just does not need right now,” Tom Angell, of the pro-legalization group Marijuana Majority, told Business Insider. Robert Capecchi, the director of federal policy for the Marijuana Policy Project, said in a statement that he’s “cautiously optimistic” the Trump Administration will refrain from interfering. President Trumphasn’t taken a firm position on the issu e yet, though he indicated in past statements that he’d let stateslead the charge on regulating marijuana. Micah Tapman, a partner and managing director at the Colorado-based marijuana incubator and venture capital firm Canopy Boulder , said that there is one “hidden benefit” to the continuation of the federal gray area.Until the federal government clarifies its position, he said it’s an opportunity for “smaller and more agile” companies to develop businesses on a state-by-state basis. “It’s not often that a multi-billion dollar industry is dominated by small and mid-size companies but that’s exactly what’s happening with cannabis,” Tapman added. View photos marijuana pot weed flower bud dispensary store More Read More (Marijuana companies hope that Sessions has bigger fish to fry than going after their industry.John Locher/AP) In Colorado, California, and other legal marijuana states, Sessions’ confirmation doesn’t appear to be slowing investment in the industry. Neil Demers, the CEO of Diego Pellicer, a network of retail dispensaries, said that he’s “so confident” in the future of the marijuana industry that his company plans to open a flagship outlet in Denver next week. “I believe the Trump Administration and attorney general Sessions understands that shutting down or consolidating the industry will end up sending jobs back to Mexico’s cartels, and I don’t believe that Mr. Sessions, nor President Trump, wants that to happen,” Demers said. Morgan Paxhia, a partner at Poseidon Asset Management , told Business Insider that, in his view, the percentage of investors concerned about Sessions is relatively small when considering medical marijuana other reasons to get into the marijuana industry. “We have talked with numerous cannabis companies this year, and most have noted Sessions as one of the least common reasons for a new investor to hold off,” Paxhia added.

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