24/7 Wall St.

If Altria Group Inc. (NYSE: MO), Reynolds American Inc. (NYSE: RAI), Anheuser-Busch InBev (NYSE: BUD), and Molson Coors Brewing Company (NYSE: TAP)  should keep an eye on efforts to legalize marijuana.  The business of sin may about to become much more crowded.  Reports are out from CNBC, Dow Jones, and other outlets that Congressmen Barney Frank and Ron Paul are going to propose legislation that would legalize the green, leafy substance and allow states to tax it.

The big winner from “The Munchies” of course would be Pepsico, Inc. (NYSE: PEP) as it owns Frito-Lay, Ruffles, Doritos, Cheetos, and more. Calls to Frank and Paul’s staff were not returned.   How many presidential candidates have co-authored legislation that would effectively legalize pot?

• Here are the states which profit the most from taxing sin (and selling it).
• Also, there was earlier a move for a marijuana technology company for an IPO, although we have not followed this closely of late and that news may have dated by now.
• Also, keep in mind that PROP 19 failed.

The new broad laws covering financial regulation usually fall under the umbrella of what is called “Dodd-Frank” by the public, but this is formally named Dodd–Frank Wall Street Reform and Consumer Protection Act.  If this does actually make it to law rather than just legislation, it would seem that the bill might be called “Pot-Frank.”

JON C. OGG