High Times

Who says Democrats aren't good for business?

President Obama's order to lay off raids of medical marijuana stores is a boon to a burgeoning industry in 14 states. California's legal marijuana shops alone do at least $2 billion a year in sales, Oakland entrepreneur Richard Lee estimates.

Lee runs several businesses, including Oaksterdam University. The school offers classes on business, horticulture, and politics, among other things. Many of the seminars are $250 each, which is less than the cost of an ounce of high-grade weed in California.

The president's order was "a good first step," Lee says. But he'd rather see the federal government talk about legalizing pot, something Obama isn't supporting at the moment. Lee is working to reform marijuana laws in California.

Thirteen other states allow some form of legal medical marijuana: Alaska, Colorado, Hawaii, Maine, Maryland, Michigan, Montana, Nevada, New Mexico, Oregon, Rhode Island, Vermont, and Washington. But California is the biggest with about 2,000 proprietors, Lee says. Almost half are in Los Angeles, he says.