Here's your Forbes Daily Briefing for Tuesday, December 3rd.

Today on Forbes, Why Donald Trump will be good for weed.

The cannabis world has high hopes for the second Trump presidency.

While 38 states have some form of legal marijuana sales,

in a market that's estimated to be $30 billion annually,

cannabis is still illegal federally. This means plant-touching companies fall under a punitive tax

code meant for illicit drug traffickers that eats into profitability. Despite the seeming

ubiquity of dispensaries and Americans smoking, eating, and drinking products infused with THC,

unlicensed cannabis sales are still rampant, and legal intoxicating hemp products are sold everywhere.

And while the Biden administration began the historic move to reschedule marijuana under the Controlled Substances Act to a less severe category,

that process has hit political and bureaucratic roadblocks.

A look at Trump's first term in the White House does not exactly paint him as a friend of

the industry. Within the first month of his presidency in 2017, the Trump administration put

the recreational marijuana industry on notice, threatening, quote,

greater enforcement of federal law. Then U.S. Attorney General Jeff Sessions rescinded the

Obama-era policies that allowed the recreational pot industry to flourish, sparking fear and paranoia

across the industry. But eventually, Trump, who like Biden does not drink alcohol,

left the state licensed marijuana trade alone. Since leaving office, however, his stance has evolved.

On the campaign trail, Trump voiced his support for rescheduling, passing bank reform,

and reiterated his belief in a state's rights approach to legalization.

As a Palm Beach resident, he also expressed his support for Florida's Amendment 3,

which would have legalized recreational cannabis in the state, though the measure failed to reach

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