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I'm a Brit, our legislation says "cannabis" (occasionally, with a missing N).
I don't think the beer market would collapse but it would shrink a lot. Some people (including myself) are always going to prefer a pint to a spliff and I think there'd be enough of us to support some kind of beer industry. That said, since most of us would be choosing our beer for taste rather than chemical effect, the big breweries who turn out crap beer would probably struggle while micro-breweries would do fine.
And that sounds like a nicer world all around.
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