California Is Failing Its Cannabis Industry, Big-Time
Last year was supposed to be when the cannabis industry proved to Wall Street and investors that it deserved a lofty valuation. Canada had recently become the first industrialized country in the modern era to legalize recreational weed and was seemingly months away from launching higher-margin derivatives, while the U.S. appeared to have plenty of momentum with regard to additional state legalizations.
But when 2019 came to a close, investors' hopes had faded, and marijuana stocks ended the year considerably lower. Most people would point to Canada and its supply issues as topping the list of marijuana disappointments that sacked the promising pot industry. However, just as much blame, if not more, deserves to be placed on the biggest marijuana market in the world by annual sales: California.
The fact is that California is failing its cannabis industry in a variety of ways.
Source Fool.com
