Today the Commission on Narcotic Drugs, a United Nations policymaking body, wraps up a summit in Vienna. The UN has been overtaken by events, as more countries decide to tolerate or even legalise substances that are banned under its conventions. Yet in America, where eight states have legalised the world’s favourite recreational drug and a majority have licensed its medical use, there is a change of tone. Whereas Barack Obama let states experiment with cannabis, Donald Trump’s officials have hinted that they may apply the federal laws banning pot. Cannabis stock prices have fallen since last month, when Mr Trump’s spokesman predicted “greater enforcement”. But cannabusiness folk are chilled out. The president backs medical marijuana, the bulk of the industry. Even most Republicans think weed is a matter for the states. And the prospects for growth are so vast—California’s recreational market kicks off next year—that it will take more than talk to stub out enthusiasm.

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