At this point in time, it may be a moot point to discuss whatever medical merits marijuana may have because the legal machinery to legalize it are firmly in place with a measure on this November's ballot. Nearly 700,000 registered voters petitioned the State of California to have marijuana considered for legalization and statewide taxation. Supporters of the initiative maintain that legalization would generate billions of dollars in revenue that could be used for transportation, healthcare and education. Sales to or possession by minors would still be banned. While supporters are quick to point out economic benefits, others say the initiative will result in increased marijuana use, cause the same kind of social ills as alcohol and tobacco and put more demands on law enforcement.

Whatever scenario will play out is anyone's guess, but both sides may be a little guilty of making exaggerated claims. For example, marijuana continues to be illegal as defined by our federal government, even though 34 states have enacted laws recognizing the plant. Regardless of State ballot initiatives that recognize marijuana as a legitimate medicament, people are subject to arrest by federal officials for possession or cultivation of marijuana. Also, it is illegal to ship or receive marijuana by mail. Ironically, a law making medical marijuana legal in the District of Columbia was recently passed, but federal law trumps state law, although from a strict interpretation of the U.S. Constitution, states rights should prevail.

While Prop 9, the measure to legalize marijuana is fast approaching, polls have been conducted to shed some light on public opinion, and in one poll taken by CBS News,

58 percent of Americans say marijuana should be illegal, but in most polls recently surveyed, citizens are fairly divided on the subject.

Now, fully legalized marijuana cultivation and processing would necessarily entail federal support, because without it, no truly viable “industry” could ever flourish. Consider the lending institutions that loan out huge sums of money to legally operating businesses. There's a slim chance that any major lender insured by the FDIC would support any business enterprise not sanctioned by the federal government. So in any discussion of creating industry standards for the maligned weed, consider how conservative investors may shy away from marijuana farmers who fear reprisals from the federal government.