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Lessons fromCalifornia's Pot Industry Bailout
Getting cannabis regulations wrong comes at a high cost, as California’s $100 million fund to help floundering marijuana businesses has made clear.
The largest U.S. state earmarked money last week to aid companies that are struggling financially in large part because of bureaucratic delays and missteps in transitioning them from temporary licenses into more stringent permanent ones. It’s a cautionary tale for other states that are figuring out how to balance social-equity provisions, tax rates and competing with an illicit market valued at $66 billion last year, according to New Frontier Data.
While California’s 15% tax on legal marijuana has been blamed for pushing consumers to the illicit market, it’s clear that much more has gone wrong. Legalization, which began in 2016, has been messy with rules varying by city and county. The process has also been slow and expensive. That weighed most on small operators, thus many haven’t transitioned to the regulated recreational market, which has more potential than medical.
Steve Allan, chief executive officer of the Parent Company, which has acquired several cannabis firms in California, estimated that only about 700 of the state’s roughly 10,000 dispensaries have become fully legal and regulated. That’s left a swathe of companies in a gray area. Others have tried to make the transition, but are still struggling with the process, he said.
https://financialpost.com/pmn/business-pmn/lessons-from-californias-pot-industry-bailout
The gov't even ruins the pot industry.
Trump Is About To Crush Kamala Harris’ Last Bit Of Political Dignity
I love this headline!
https://conservativebrief.com/trump-is-about-43322/?utm_source=CB&utm_medium=ProTrumpNews