It will be interesting to see what happens; the federal agencies are between a rock and a hard place. While the initiatives passed at around 55%, the polls for the feds to respect state law are over 70%. If they go after the industry as a whole, they would end up losing a lot of political capital among the "law and order" voters who otherwise support the drug war.

Note that the medical operations have dealt with a handful of nasty busts under Holder/Obama, but don't seem to be closing up shop or going underground. Drive down the right streets in Denver, and you'll pass literally a dozen legal pot shops operating in the open, neon signs and all.