A quarter-century after the U.S. Food and Drug Administration approved the first prescription drugs based on the main psychoactive ingredient in marijuana, additional medicines derived from or inspired by the cannabis plant itself could soon be making their way to pharmacy shelves, according to drug companies, small biotech firms and university scientists.
Many are watching to see if voters say yes to Proposition 19, the controversial ballot measure that would legalize marijuana in California. Advocates say it would be a moneymaker. Opponents see nothing but trouble ahead if Prop 19 passes.
Colorado is instituting tougher regulations for this booming industry. Dispensaries must now comply with rules regarding licensing, local zoning laws and criminal background checks for owners. They also have to grow at least 70% of the marijuana they sell. Stricter standards will push many out of business.
Marijuana legalization proponents can see a day when the marijuana market looks like the alcohol industry. There would a range of quality among the products offered. And there would be taxes assessed -- perhaps even heavy taxes.
Colorado, where medical marijuana has been legal for a decade, recently passed new laws regulating the hundreds of dispensaries that have popped up to meet soaring demand. Not everyone there is happy about that boom, but most of these businesses probably won't last long anyway.