But investors could be fleeing medical marijuana companies, too, because their options for growth into recreational have become narrower. “Business decisions regarding the recreational part of the industry are going to be under a cloud for the foreseeable future,” said Isaac Boltansky, Washington policy analyst for Compass Point Research & Trading. Pot stocks are heading in the opposite direction from the Dow, which has been hitting record highs. Innovative Industrial Properties announced its plans to go public last October. It seemed like a good idea at marijuana the time: More and more states have voted to legalize marijuana, both medical and recreational, in recent years. And on Election Day, eight more states legalized pot in one form or another. But Trump was also elected, and his administration has not been friendly to the movement. Marijuana remains a Schedule I controlled substance, which makes it illegal and equal to heroin in the eyes of the federal government. The Obama administration took a more relaxed stance with marijuana. In 2013, the Justice Department said it wouldn’t challenge state laws legalizing it.
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