For the first time in his 45 years in the cannabis industry, Steve DeAngelo is feeling pretty darn carefree. But as the co-founder of one of California's most iconic dispensaries, he has a word of warning for states looking to legalize: watch your taxes.

"I'm seeing pretty blue skies right now. It's difficult for me to imagine we are going to see a political reversal," DeAngelo told Cheddar, in a wide-ranging interview from Austin, Texas, for South by Southwest (SXSW).

"I'm not lying awake at night worrying about anything right now for the first time in about 45 years."

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Chloe Aiello ~ Cheddar.com ~