Legalizing Marijuana. The repositioning of a "protected" consumer product.

By legalizing marijuana, it has lost its protected positioning as a premium differentiated product previously bestowed on it simply by its being illegal. Increased availability of "weed" through legalization in some states has  introducing it into the mainstream market as a product that must now ride along the product life cycle and be exposed to its inherent pricing pressures. As such, the cost of marijuana has dropped significantly. Positioning it as a recreational product on the one hand, or a controlled medical product on the other hand, over time will define its ultimate positioning and ability to  command above average returns for investors.

https://www.washingtonpost.com/news/wonk/wp/2016/05/04/the-price-of-legal-pot-is-collapsing/?wpmm=1&wpisrc=nl_most-draw5