theodp writes: Smoke 'em if you got 'em! As of Thursday, adults 21 and older will be able to legally possess up to an ounce of marijuana in the State of Washington, which hopes to rake in about $2 billion in cannabis taxes over the next five years. Former Microsoft product manager Jamen Shively is joining other entrepreneurs in the modern-day Gold Rush, making plans for a high-end marijuana business named after his great-grandfather, a hemp trader. From DiegoPellicer.com: 'Our products will be 100% safe, with guaranteed consistent quality, to be enjoyed legally, by responsible adults, in responsible quantities. This is not “your grandson’s pot” but a premium quality hand-crafted product.' Not surprisingly, Shively says the idea came to him 'after a few bong hits.'