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But it's not even clear that everybody in President Donald Trump's cabinet feels that way.
Enter Linda McMahon, administrator of the Small Business Administration (SBA), whose job it is to support small businesses around the country.
Her son, Shane McMahon, has a cool $500,000 stake in Connecticut-based marijuana company EnviroGrow. The startup sells equipment to marijuana growers in states where medical or recreational cannabis is legal. The company offers its services for marijuana growers "starting a new operation or looking to expand," according to its website.
Shane has since tried to detach himself from the company. But his initial investment in a company that sells to other cannabis-based businesses makes one thing crystal clear: He understands the growth potential of the marijuana industry.
And his mother has been appointed the federal authority on small businesses.
Here's what this could mean for the marijuana industry…
McMahon Could Help Small Marijuana Businesses
The SBA sets the guidelines for loans to small businesses. While the SBA does not make direct loans, it guarantees that these loans will be repaid, thus eliminating some of the risk to the lending partners.
Moreover, the SBA helps provide guidance and counseling to small businesses – something McMahon has been a fierce proponent of.
"Learning how to develop business plans, how to grow, how to pitch your business when you're trying to get investors, or to move into a different market are aspects of SBA that are not as well known," said McMahon to CNBC in June.
These hurdles are all too familiar for small marijuana businesses. Since marijuana is still illegal under federal law, small marijuana companies like local dispensaries are finding it nearly impossible to work with banks and gain access to funding.
Special Report: Cannabis Is the Gold Rush of the 21st Century – 30 Stocks to Invest in Now. Details here…
As the new administrator of the SBA, McMahon could gear this marketing plan toward marijuana businesses.
Right now, of course, pot remains illegal under federal law. But lawmakers are in the process of trying to change that. In fact, just two weeks ago (Sept. 18), the California state legislature voted on a joint resolution urging the federal government to reclassify marijuana to further medical research and make it easier for small marijuana businesses to thrive.
The vote was approved 60 to 10.
If marijuana is reclassified as Schedule II or higher, or removed from the list of controlled substances entirely, we would see even faster growth in the marijuana industry.
And the federal government could benefit, too.
You see, states that have passed legalization measures are growing more dependent on the budding industry every year. They use marijuana tax revenue to fund previously destitute infrastructure and education programs needed by the community. For example, Colorado was able to put $16 million toward Affordable Housing Grants and Loans in 2016 from cannabis tax collections.
Should the federal government want a piece of the pie, revenue from legal marijuana sales could be used to wind down the national debt, help with the opioid crisis, or even fund President Trump's promised border wall. Not to mention the new jobs the industry is creating.
Moreover, "the discovered revenue from regulated legal cannabis markets can be a lifesaver to law enforcement, substance abuse counseling, and other social services," said Leslie Bocskor of Electrum Partners, which provides advisory and consulting services specializing in the legal cannabis industry, to Forbes.
Until now, it seemed the federal government would be the final obstacle to this kind of progress. And it very well could be; Administrator McMahon hasn't discussed her son's investments in public.
But interest in the marijuana industry is cropping up all over the nation, and it seems to be getting closer and closer to the White House.
The Future of the Marijuana Industry Is Bright
Legal pot sales rose a stunning 34% in 2016 to $6.7 billion across North America, according to Arcview Market Research. What's more, that figure should surpass $8 billion by 2018 and reach $22.6 billion by 2021.
That works out to a 27.5% yearly growth rate.
This means marijuana investing will be profitable for investors year after year.
We've already seen how impressive the gains can be for marijuana investors. This time last year, Money Morning Director of Technology & Venture Capital Research – and pot stock expert – Michael A. Robinson released his "weed investor's bible," The Roadmap to Marijuana Millions. At the time, it was packed with 30 of his absolute favorite – and most profitable – plays in the still-booming legal cannabis sector.
Money Morning Members who received a copy of Roadmap saw 10 double-digit winners and eight triple-digit winners… 291% gains… 193.3%… 185.5%; one recommendation even saw peak gains of 1,588%.
But the gains are far from over.
Over the next 365 days, Michael's looking at four key events on the horizon that could lead to even more profits for investors:
- California's upcoming legal marijuana declaration
- Canada's total legalization of marijuana
- Increase of cannabis-based treatments from top pharmaceutical companies
- Major convergence of cryptocurrencies and legal cannabis
"These four watershed events in marijuana investing will happen over the next 365 days," Michael told readers on Sept. 14. "I'm sharing these predictions with everyone for the same reason I've shared some of my best weed investing recommendations: The profit potential is enormous."
Michael wants to make sure Money Morning Members know how to get the latest recommendations and research in his updated Roadmap to Marijuana Millions. He's expecting 2018's profits to top this year's biggest gains, so it'll be released shortly. Click here to learn how to get your copy now.