Can the California Cannabis Industry be Saved?

California’s cannabis market is broken. Taxes are too high, local control has proved disastrous, the illegal market is growing, regulations are too burdensome, and there are not enough licensees (retail) and too many licensees (e.g., cultivation) at the same time.

Over the past few years, the situation has become so dire that many licensees have exited the industry, including some of the largest and most well-capitalized players in the state. In this webinar, Griffen Thorne (Partner, Los Angeles) and Hirsh Jain of Ananda Strategy (https://www.anandastrategy.com/) will discuss whether the California market is too far gone or whether it can be saved.

Specifically, Hirsh and Griffen will look at:

• The history and complexity of California’s cannabis regulatory system and how the state is proposing even more onerous requirements on licensees.
• California’s illegal market problems, breaking down California’s own data on enforcement efforts and the consequences of its lax enforcement policies.
• The high rates of taxation at the state and local levels, and the massive unpaid tax obligations of numerous licensees.
• How local control is suffocating retail expansion in California
• Many disputes among licensees regarding payment for goods.
• Some solutions that the state could employ to reduce the burden on licensees and promote the legal market.