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Last month, when we talked about the $4 trillion potential of a fully realized global cannabis market, we saw how world governments have been trying for more than 100 years to stamp out the illicit drug trade.
Results have been mixed to poor, to put it mildly.
It seems for every victory, like the 1993 downfall of Colombian drug lord Pablo Escobar, there are two defeats, like the vast state resources used to keep 451,000 non-violent drug offenders in U.S. prisons or the low-level drug violence that's killed an estimated 115,000 people in Mexico since 2006.
That's one of the reasons why, across North America, there's a growing socio-political consensus that the war on drugs has been an expensive failure.
That "growing consensus" gets a whole lot broader when it comes to marijuana prohibition.
According to Gallup, support for cannabis legalization in the United States runs steady at 66% right now. That's up 30% since 2005.
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But despite all the progress of the last 10 years, there still exists a thriving, persistently lucrative illegal market for marijuana – even in jurisdictions where it's completely legal. And because the march to full federal legalization is basically inevitable, that black market is doing more than anything else right now to hinder the growth of the legal cannabis sector.
This could be big…
About the Author
Greg Miller started working on Wall Street in September, 1987, just a month before the “Black Monday” stock market crash.
During his career there, he became an expert in just about every kind of publicly traded security - from blue-chip and small-cap stocks to municipals, junk bonds, and derivatives. As a portfolio manager, Greg was responsible for over $500 million of assets in mutual funds and insurance company accounts.
After leaving the Street, he designed a successful options trading strategy and made lucrative tech investments for a financial publication. He has also helped develop new products and worked with other editors to hone their strategies. He’s always been dedicated to deep, fundamental research - and he always will be - because he believes buying the very best companies at the right price is the best way to amass wealth in the stock market.