I believe the Fed has been 'looking the other way' and that's a good sign. Of course they want to show they are still in control with the raids, etc. and I don't expect that to change.
I agree it's likely the Fed response will be something along the lines of allowing states to do their thing, but the Fed retains all rights to shut it down if they deem it necessary. I would suspect the response will be purposely vague, but will allow states to proceed. However, I think they'll be tight about schools and other various restrictions.
Personally I think they would be fools to get tougher at this point. Republicans have now shown they are coming around on hemp and State rights and could quickly seize votes from Democrats.
That said, who really knows what they will say.
Here's hoping they continue to 'look the other way'. It's time for prohibition to end and in 2016, it could all finally come crumbling down.
Disclosure: I am long MJNA
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