Growing concerns about California's cannabis industry
May 18, 2023 – Media MentionCBS News Sacramento
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.
