The cannabis legalization trend is creating jobs in states where laws have been relaxed, and big business is "looking into the industry in a big way," an expert told CNBC on Friday.
In a dramatic change in drug policy, the Justice Department said Thursday it won't sue to stop the states of Colorado and Washington from allowing recreational marijuana use.
"It's really the first federal acknowledgement of the failed war on marijuana," Danny Danko, High Times senior cultivation editor, told "Squawk on the Street" on Friday.
With more than a dozen states allowing marijuana use for medical reasons, "the dominoes are falling very quickly" as more states are considering legalizing recreational use.
Danko said that Washington and Colorado have seen a "tremendous amount" of job creation in the wake of their marijuana initiatives, now that a wide range of industry-related jobs are required to support growing businesses.
Big businesses are "looking into our industry in a big way," Danko said. He expects that when investment from tobacco and pharmaceutical companies begins in earnest, these firms will require the on-the-ground expertise of individuals currently working in the young industry.
The less-strict Schedule 2 substances accepted for medical use include cocaine, opium and PCP.
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