Business law assignment Essay Example | Topics and Well Written Essays - 1500 words - 1

Business law assignment - Essay Example e marijuana will still be an illegal drug in other states, businesses are more likely to restrict their operations with Colorado and Washington where it is legal. When it comes to the American legal system, federal law is regarded as a higher authority than state laws as they may not prevail consistently throughout the whole nation, unlike federal law. At many instances, state law comes into conflict with federal law, in which case, a federal preemption is enacted where the state law is invalidated in the light of their inconsistencies (O’Reilly, 72). The legal aspect revolving any business is an important determinant of its activities and operations, as they occur in compliance or in conflict with the state order or law. The legalization of pot opened way for new business and ventures as investments poured into the relatively infant area of legalized business activity. One aspect of marijuana legalization is the end of illegal criminal activity associated with underground marijuana sale. With the new development, businesses are hopeful of generating high profits with new business ideas revolving around marijuana. Apart from its use as a recreational drug, marijuana is also known for its helpful medicinal properties. Due to this purpose, marijuana research centers could be established to carry out further research as to its use for curing diseases and healing some form of cancers. According to the White House, a number of states possess laws regarding medical usage of marijuana with Colorado and Washington completely legalizing its usage (n.pag.). A factor to consider is the dual status which implies that states other than Colorado and Washington still treat marijuana as an illegal drug, whose sale and trade is a criminal act. With its legalization in Colorado and Washington, it is evident that the marijuana related business is thriving. However, the nature of such businesses should be restricted within due to the legalities. This means that any marijuana