United Cannabis Corp. (fka CNABQ)

[FSUBCSchamps]

Why it will likely either immediately but def eventually go full speed

Casinos emerged as a large source of income in the 1980s, when two Supreme Court decisions said tribes — with some exceptions — can use their unique status to allow gambling, regardless of regulatory restrictions in neighboring states. Congress passed legislation in 1988 setting up a federal regulatory framework, and many tribes now have revenue-sharing compacts with states.

Marijuana is — and likely will remain for many years — in a fuzzy area of federal non-enforcement within jurisdictions that allow it. Amid a likely lull in federal action, Morgan expects tribal legalization to yield a "cycle of disputes and then finally some type of tribal-state compacts that define the two governments' approach."