Quick Edit | Still a pipe dream

Quick Edit | Still a pipe dream
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First Published: Wed, Nov 03 2010. 11 40 PM IST
Updated: Wed, Nov 03 2010. 11 40 PM IST
Sunny California lost some of its standing as the capital of cool when voters rejected a move to legalize marijuana. Proponents of the “turn on, tune in, and drop out” tenet pitched benefits such as higher tax revenue for the state (from production and sale of marijuana), the end of the illegal marijuana economy (and related violence) in Mexico, and a reduction in the number of arrests of minors from minority communities. Opponents highlighted addiction issues and a potential conflict with Federal laws. Still, hempheads have reason to cheer: 13 US states allow the use of medical marijuana and SmartMoney reported that in the run-up to the California vote, investment conferences around opportunities in the grass economy were mushrooming (one potential investor the magazine spoke to, called it the next dot-com boom). Could it really be the next big growth industry?
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First Published: Wed, Nov 03 2010. 11 40 PM IST
More Topics: Quick Edit | California | Marijuana | Violence | Mexico |