Full legalization will be very painful, but the last drop of blood has to be bleed out of the excess and greed in the industry.  With full legalization comes interstate commerce.  That will finally bring a national, tradeable, trackable market that is efficient and establishes foundational prices for cannabis in America.  Margins will get crushed in one last brutal blow as over-supplied states flood under-supplied states with product.  You may be hearing whispers about interstate commerce and the Dormant Commerce Clause, but that could be years away and a long court battle to the Supreme Court.