Last week on Election Day, California, Massachusetts, Nevada and Maine legalized the sale of recreational marijuana — joining Colorado, Washington, Alaska and Oregon. (A legalization measure in Arizona lost, and one in Maine won narrowly, but is facing a recount.) Nearly one in four Americans now reside in legalized pot territory. On top of that, 28 states now allow marijuana to be used for medicinal purposes.
 
Attitudes about marijuana use have changed significantly and quickly. In 2006, only 32% of Americans were pro-legalization, now 57% are. Of course all uses of pot, including medical marijuana, remain illegal under the federal Controlled Substances Act. But since 2013, the federal government has de-prioritized pot enforcement and mostly stopped interfering in states’ marijuana laws. That enabled a commercial industry to emerge.
 
So what’s been happening in states that have legalized recreational marijuana? Colorado and Washington have seen an increase in the number of drivers pulled over who test positive for cannabinoids in their blood, but it’s unclear whether that is responsible for any significant rise in the number of traffic accidents or fatalities. There has been no explosion in crime.
 
Less in dispute is that legal weed has been an economic boon. In Colorado, recreational pot was credited with creating more than 18,000 new full-time jobs, $2.4 billion in economic activity and $121 million in tax revenue in 2015. In Washington, the state collected more than $100 million in excise and sales taxes.
 
State regulators are still trying to find the balance between taxing marijuana enough to discourage excessive consumption, but not so much that buyers go back to the black market (or head across state lines). Washington’s 37% tax favors the former, while Colorado’s 28% tax and Oregon’s 25% tax favor the latter. California’s new excise tax is slated to be only 15% — but that doesn’t include regular sales tax, and cities and counties can pile on their own taxes.
 
Nationally, the legal pot market is projected to reach $20 billion in four years, up from $7 billion this year, according to Arcview Group, a company that matches investors with cannabis companies.
 
Potrepreneurs still face obstacles, however. Because of federal drug laws, some banks still will not open accounts for marijuana businesses or extend them credit, though that situation is improving. Marijuana businesses also can’t accept credit cards because the card companies are worried about liability for money laundering. Microsoft, however, now sells software that tracks the plants from “seed to sale.”
 
Well-known toking celebrities like Snoop Dogg, Willie Nelson and Tommy Chong are among those who have launched their own marijuana lines. A cottage hospitality industry is also emerging, with pot tours for tourists, festivals and pot-friendly hotels. Some restaurants are incorporating marijuana into their menus or providing wine-tasting-style experiences with a cannabis expert. Denver just approved a new law to allow pot in bars and restaurants — but no smoking inside, please.
 
With Donald Trump — who says he never drinks or smokes — moving into the White House, will the federal government’s tolerance for this budding industry remain? Like with so many issues, Trump’s position has changed several times. Best case scenario for pro-legalization folks is that he leaves marijuana regulation up to the states, though his pick of Senator Jeff Sessions as Attorney General, who once remarked that “good people don’t smoke marijuana,” could be a sign of things to come.