Today's Daily Spotlight: Why legal cannabis hasn't become the booming industry some expected. 📝 Belinda Luscombe (luscombeland)
Not quite half of American adults can now buy weed legally. How’s business going?It’s been tough. There’s still a whole lot of illegal weed out there available to that same group of consumers, and most of them choose the illegal product because it’s half the price. Also, they have been consuming the product for the last 20 to 40 years; they’ve been dealing with this guy who knows a guy and they’re reasonably happy with the product.
A lot of people think that weed is a growth industry and states like Colorado are riding this new product to economic prosperity. Is this not true?There are companies that have done well and there are lots of companies that have not done well at all. There are growers that are doing OK and there are lots of farms that are not doing OK at all. Now, that’s true for other farms too. I’ve been looking at farm industries for a very long time, and that’s the nature of agriculture.
Can we tell yet if the problems are those of scaling and efficiency that are common to startups and small businesses, or problems where the regulation and the way the market is set up are never going to be solved?One of the problems with scaling is that it’s all state-by-state at the moment. So, you have to basically craft a strategy within a state based on that state’s regulation and taxation system, and so forth.
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