The legal-weed industry that celebrated victories in eight states last week is now warily eyeing the coming Trump administration. Four words stoking angst at the moment: Attorney General Rudy Giuliani.
The former New York City mayor is just one of several people floated as potential picks, but his fervent anti-marijuana stance has made him a focus as investors, retailers, growers and others in the cannabis business gather this week in Las Vegas for two big conferences. While President-elect Donald Trump has sent mixed signals, many in his inner circle are no fans of legalization. The next U.S. Justice Department could easily ditch the noninterference policy in force since 2013. Pot is illegal under federal law.
“We’re looking at worst-case scenarios,” said Emily Paxhia, managing director of Poseidon Asset Management LLC in San Francisco, which has invested more than $10 million in cannabis ventures.
Voters in California, Maine, Massachusetts and Nevada on Nov. 8 raised to eight the number of states where, come January, recreational-pot use won’t be a crime. Trump’s victory over Hillary Clinton “definitely muted the celebrations,” Paxhia said.
