Michelle Mabugat, Cannabis Co-Chair, spoke with CBS News Sacramento discussing how some cannabis retailers are facing "extinction" due to the industry facing a potential collapse.

Excerpts:

They were collecting that excise tax, then not paying to the distributors. So, the distributors were left with the bag.

Michelle Mabugat is a pioneering lawyer in the cannabis space, and says that the problems are bigger than just some lost money.

It is a systemic policy issue. Over taxation, over-regulation, high compliance fees, lack of access to banking, or institutional lending.

What would've gone for $10 million five years ago, you're lucky if someone would take it off your hands for free.

Resources

• CBS News Sacramento