Is California's pot industry facing an "extinction event?"May 18, 2023 – Media Mention
Cannabis Co-Chair Michelle Mabugat appeared as a guest on KNX In Depth with Charles Feldman and Rob Archer discussing how the California pot industry could be facing what's being called an "extinction event."
Last year we saw a mini-extinction event with cultivators here in California and this year that fate is probably going to be seen by retailers.
Everyone was clamoring for legalization for decades, and now that we have it, I'm sure many are regretting it - the classic 'watch what you wish for' situation. With legalization came over-taxation, over-regulation, and high compliance fees. This ironically enabled the black market, and a lot of companies who are trying to operate legally are suffering.