These 2 States Are Sabotaging Their Respective Marijuana Industries
At this time last year, the cannabis industry looked as if it would be practically unstoppable. Canada had just become the first industrialized country in the world to legalize recreational marijuana, and Wall Street was throwing out huge estimates on future industry growth.
HIGHLIGHTS
- You would think the U.S. has observed the issues with Canada and is learning from these early stage mistakes that are hampering legal-channel sales. Unfortunately, that’s not the case.
- In California during 2018, annual pot revenue declined by $500 million from the previous year. High cost, due to taxes, and because close to 80% of the state’s jurisdictions have banned retail cannabis stores are to blame.
- Another state that’s about to make life incredibly difficult for cannabis companies is Illinois. Illinois’ restrictive retail licensing approach may actually be an incentive for consumers to shop in the illicit market.
