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URL: https://thepostmillennial.com/legal-weed-industry-in-us-verges-on-collapse-amid-booming-blackmarket
Submission: On November 23 via api from US — Scanned from DE

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https://thepostmillennial.com/legal-weed-industry-in-us-verges-on-collapse-amid-booming-blackmarket
 * American News
 * Aug 28, 2023
 * Source: The Post Millennial
 * 08/28/2023


LEGAL WEED INDUSTRY IN US 'VERGES ON COLLAPSE' AMID BOOMING BLACKMARKET

Stoners likely enjoy the marijuana surplus, but businesses do not.

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Comment Below
Katie Daviscourt Seattle WA
Aug 28, 2023 3 minute read
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The legal marijuana industry in the United States is reportedly on the verge of
collapsing as black-market vendors throttle sales, according to the National
Cannabis Industry Association's recent report. 

Beau Whitney, senior economist for the National Cannabis Industry Association,
asserted that the industry is looming on a "crisis" that is "unsustainable from
an economic perspective."



Due to the strain of falling prices, inconsistent state regulation, and high
taxation, Whitney says "All of these issues are chipping away at the health of
the industry to the point where I would describe the industry as in crisis in
the United States," Daily Mail reports.

Despite an increase in sales, dispensaries report that making a profit is
becoming more difficult as a surplus of marijuana supply drives down prices,
which is great for stoned users but bad news for farmers and merchants.

The National Cannabis Industry Association (NCIA) warned in a report earlier
this month that the legal cannabis market in the United States will collapse "if
common sense, practical reforms are not enacted urgently."



As of now, 23 states have legalized the recreational use of marijuana with last
year's sales surpassing $26 billion, according to Vangst.

The specific challenges the marijuana industry faces differ from state to state
because the industry is governed individually in each state where it is
allowed. A federal ban on the interstate selling of marijuana, however, means
that any excess supply is legally imprisoned within the state where it was
grown, which suggests that the industry's fragmented structure may contribute to
the issue. 

This has resulted in an abundance of excess supply, especially on the West
Coast, which has caused prices to plummet, according to the outlet.



According to Isaac Foster, co-founder of wholesaler Portland Cannabis Market,
when legal sales in Oregon first started, a pound of marijuana would have cost
$3,000 at wholesale, but today it might cost $100 to $150.

Due to the enormous amount of excess marijuana being grown in Washington, which
has some of the highest cannabis taxes in the nation, buyers may pay prices in
legal shops that are even lower than those for illegal marijuana. 

According to a poll performed by Whitney's consultancy company, Whitney
Economics, only 24 percent of cannabis-related businesses nationwide are
profitable, a significant decline from 42 percent last year. 



Daily Mail reports that Whitney explained cannabis businesses face tax
difficulties in addition to pricing pressures since federal law prevents them
from deducting business expenses from income taxes like a typical corporation
would. He claimed that as a result, businesses in the marijuana industry
frequently pay an effective federal tax rate of up to 70 percent on top of state
and local excise taxes imposed on sales. 

However, some people in the sector are still holding out hope that the Biden
administration will open the door to marijuana sales across states that have
legalized the drug. They contend that would enable the West Coast to assist in
supplying the rest of the nation due to its advantageous environment and
inexpensive, clean hydropower for indoor cultivation, according to the outlet.
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COMMENTS


Dean

85 days ago | Comment by: Dean

If you can grow it for free, or purchase it cheaper somewhere else, why would
you enrich the pockets of the government?

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