Micah Tapman, a partner and managing director at the Colorado-based marijuana incubator and venture capital firm Canopy Boulder, said that there is one "hidden benefit" to the continuation of the federal gray area. Until the federal government clarifies its position, he said it's an opportunity for "smaller and more agile" companies to develop businesses on a state-by-state basis.

"It's not often that a multi-billion dollar industry is dominated by small and mid-size companies but that's exactly what's happening with cannabis," Tapman added.