Legalize it! (And then invest in it)

More and more I hear arguments for legalizing marijuana. Joe Klein and Andrew Sullivan are two people pushing especially hard for it right now, although President Barack Obama has blown off the issue — and for good reason. If Obama made a huge deal about legalizing pot he might make gains among a percentage of people who probably already support him, but he’d lose plenty more voters.

But what if pot were to be legalized without becoming legal?

That appears to what’s happening. Two weeks ago, Attorney General Eric Holder announced no more federal raids in the 13 states with medical marijuana laws. For people with marijuana prescriptions in those states, it’s just as legal as taking Vicodin after surgery or Ritalin for ADD.

Now marijuana is jumping a huge hurdle into respectability. A marijuana company has gone public.