Market collapse "imminent," California biz warns
Today (at 9 a.m.PT/Noon ET) a group of 20 California industry luminaries are holding a virtual press conference to warn that the world’s largest legal REC market is on the brink of collapse.
- In January, they plan to hold a Boston Tea Party inspired rally on the Capitol Steps in Sacramento.
They wrote, “The California cannabis system is a nation-wide mockery; a public policy lesson in what not to do. Despite decades of persecution by the government, we have been willing and adaptable partners in the struggle to regulate cannabis. We have asked tirelessly for change, with countless appeals to lawmakers that have gone unheard. We have collectively reached a point of intolerable tension, and we will no longer support a system that perpetuates a failed and regressive War on Drugs.”
- Speakers include several prominent CEOs and representatives of the California Cannabis Industry Association.
In a smart piece for East Bay Express, Dan Mitchell explains what “collapse” really means:
“Collapse” doesn’t mean dispensaries will go away. It means that the industry would likely be taken over by large enterprises and consolidated, pushing smaller players out of the business and giving power over the market not only to big weed companies, but perhaps also to giant corporations—Amazon? Coca-Cola? Philip Morris?“