Two years after REC went on sale, California cannabis businesses are calling for an “emergency summit” with Gov. Gavin Newsom (D) and regulators to address the licensed industry’s ongoing woes. In short, high taxes, onerous regulations and the lack of access to legal dispensaries make it difficult for licensed businesses to compete with the illegal market. ????WW California has more.
CNN
- Illegal market sales account for more than two-thirds of California’s $12 Billion in annual sales.
- Fewer than 25% of California municipalities allow licensed dispensaries.
- In addition to some of the state’s biggest companies, layoffs have hit northern California’s “craft” industry.
Santa Rosa Press-Democrat - Next weekend, the Emerald Cup craft cannabis festival is expected to draw more than 30,000 to Sonoma County. Tickets start at $90.
Leafly
Meanwhile in L.A., a well-known black entrepreneur and his company 4thMVMT have attracted suspicion and resentment for their success at winning coveted equity licenses.
L.A. Times
Quick Hits
- Colorado’s new looser investment law isn’t doing anything for equity in the state.
MJBiz - Colorado authorities still haven’t answered my questions about whether they can effectively regulate cannabis investments.
WeedWeek
