Cannabis Business: The New Reefer Madness

Can you picture it? Dec. 5, 1933: Breweries and distilleries that (supposedly) had been out of business for 14 years, eagerly watching the news (papers, I assume), waiting for Utah to become the required 36th state to ratify the Constitutional amendment ending Prohibition.

Beer had been allowed nine months earlier, a critical first step in the repeal of the 18th Amendment. “When the new law went into effect, the Budweiser Clydesdales made their debut. They began a nationwide marketing tour, including the delivery of a commemorative case of beer to the White House,” according to an essay in the National Constitution Center.

Yes, this marked the rebirth of firms like Anheuser-Busch … but also National Distillers and Schenley Distillers, proof that even opportunists don’t necessarily last forever. Which is a sobering lesson for any company thinking about diving into this legal cannabis thing.

Tread carefully. It could be a gold mine or a

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