Although federal law restricts the cultivation of hemp for commercial use, the U.S. imports an estimated $300 million in hemp products and materials each year, according to the National Hemp Association. The market for hemp is projected to grow over the next few years, breaking $2 billion by 2020, with high demand for hemp from farmers, brewers, processors and even clothing designers.

“We avoid rather than confront, accept rather than change. We won’t see another 200 years if this continues.”

Well, at least we don’t have this.

Comment: Having long ignored state pension and fiscal issues, FT now decides they are a systemic risk. “Insolvency of any of the US states could hit federal stability.”