Despite still disappointing tax revenue, there are signs California’s largest in the world legal REC market has begun to gain traction.
- A study found illegal sales account for most of California’s $12.8B cannabis market but the legal market could pull ahead by 2024. (The Weedmaps news could accelerate that.)
Industry figures expressed mixed feelings about the still-young tenure of Gov. Gavin Newsom. “This is not the administration that we necessarily expected,” said Josh Drayton of the California Cannabis Industry Association.
- Criticisms of Newsom include that he hasn’t pushed local governments to allow cannabis businesses and that taxes are still too high to compete with unlicensed businesses.
- Newsom’s industry czar Nicole Elliott touted his extension of provisional licenses, and enacting $30,000/per day fines for illegal businesses among his achievements.
It could be worse. In Oregon, tons of legal weed is rotting in garbage bags.