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1 1 (August 4, 2022)

handle is hein.amenin/aeiaekl0001 and id is 1 raw text is: Key Points * Under US Federal law, weed, also known as mariruana or cannabis remains a Schedule 1 illegal narcotic, in the same category as cocaine and heroin, Production ano sale of weed are federal Felonies punishable by severe prison terrns. Individual US states, in conlit ith tederal law, began legalOg medical weed in 1996. However, in the past decade; the US Departrnent of Jusce has agreed not to enrce fedaN crminaI wee Lws against anyone who is following state Iws. As of 2022, 33 percent of al Am.er cans live in states with ega ec eationa: sales of weed, 1 p pencenr live n sates wh rned'al Iealiz ion ut no lea orerina sale, and 26 perent iv in states with tot weed prohibtions. s In its eary year5, legayprodu.ed and sold weed nas srogleorapre sdrket hare. In most piaces where the sale and use of wcd are now tqeal, illegal weed--uniicensd, unreouiated, and untaxed-still has a dominant market share and shows no signs of fading away. The legal weed industry is a conundrum. By some measures, the ind-stry i growing rapidly: 38 states (plus Washington, DC, and Pue-to Rico) have legal- led wed in some way In the past five years, the number of US states is which recreational weed sales are legal (aval a.be to anyone age 21. or over, including visitors) has doubled. Nevertheless, over that period, m-any legal weed businesses have strugglec to survve financially. This is mainly because die legal industry faces stiff com- petition from a thriving illegal weed industry, which offers similar products at much ower prices. Stock values for puiicly traded cannabis compa- nies and the value of cannabis index funds have declined. As a result, many investors comnp lain of having lost fortupes in the industry. In this report, we examine the origins and growth pattern of the legal cannabis industry in the d ed States, how we got here, and what we can learn from data about differences in the organ- ization of states' legal weed markets. A companion report, titled Federal Weed Legalation: Less Is More, outiins fcdcral policy options and their lkely impants. A Brief History of Federal Prohibition The federal government currently refers to weed as marijuana, which it defines as a product of the Con'n, bis saliva or Cannabis fnca plant with more nan &3 percent tetrabvdrocannabinol (THU ), the ingredient that's thought to get people high. Until the 1930s, the product was legal everywhere in America and was known infornaly as reefer. Opponents renamed it arHjuana to stoke up

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