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Legal marijuana in California as a business was supposed to be a no-brainer. How could it not be profitable in a liberal state pushing 40 million residents where some of the best weed in the world has been grown for decades? But nearly three years after Proposition 64, the law legalizing the adult use of the drug, was passed, California cannabis producers are not seeing the windfalls predicted. They tell Sharyn Alfonsi that regulations and a robust black market are cutting into legal pot profits.
Legal marijuana in California as a business was supposed to be a no-brainer. How could it not be profitable in a liberal state pushing 40 million residents where some of the best weed in the world has been grown for decades? But nearly three years after Proposition 64, the law legalizing the adult use of the drug, was passed, California cannabis producers are not seeing the windfalls predicted. They tell Sharyn Alfonsi that regulations and a robust black market are cutting into legal pot profits.
I don't know about tax revenues, but the weed market is driving hundreds of millions of dollars in ancillary business. The house passed the SAFE banking bill, but of course Moscow Mitch will not allow it to pass.
Disallowing weed businesses access to banking services is what's helping to drive the black market.
Personally, the company i work for is positioned to make between a quarter and a half million dollars from cannabis in 2020, and we pay taxes. There are hundreds of other business from engineering companies, to accountants, to transport who are also making revenue from cannabis business, and they pay taxes.
Stoners don’t have enough money thus they get it illegally.
How many "stoners" do you know?
I live in a neighborhood where people are not poor, or young for that matter. The local dispensary is about 2 blocks away so purchasing cannabis is pretty easy. In Oregon you are allowed to grow up to 4 plants. A lot of people do that too. I wouldn't know where to start to purchase it illegally.
Wait, a multi-billion dollar industry didn't morph over night? Shocking!
Besides all of that, its not even about the money, its about individual rights. Who is the government to grant us the "right" to grow such a simple and mostly harmless plant.
In the meanwhile, the leading pot-stock CGC is down from $52 to about $20.
I hope the stoners didn't go "all-in".
You should buy, it might go up. There are several dispensary groups here in N CA that have their roots in hedge fund type money. Whats going to happen is this; there are growers who treat it like Walmart, volume, volume, volume. Then there are small growers who curate their crops and use splicing and other techniques to refine and differentiate their product, like craft brewers. Then there's the guys in the middle, and they are the ones threatened and most likely providing product to the black market. they will die off, or become contract growers over the next few years as scale comes to the industry, like most farming.
I live in a neighborhood where people are not poor, or young for that matter. The local dispensary is about 2 blocks away so purchasing cannabis is pretty easy. In Oregon you are allowed to grow up to 4 plants. A lot of people do that too. I wouldn't know where to start to purchase it illegally.
Probably mistook lettuce for weed once..
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What went wrong....? 