Shop Talk: The chaotic state of the California cannabis business

Institutional Real Estate, Inc. Podcast show

Summary: A stew of byzantine licensing protocols, high taxes and the inability to use the banking system has hobbled California’s cannabis industry and its ability to generate tax receipts for the state. What’s more, the legislation that legalized cannabis gives each city the right to determine whether it wants pot dispensaries within its borders at all. Taken as a whole, those issues have resulted in the Golden State collecting a mere one-third of anticipated revenues from the legalization of cannabis. Several bills to mitigate these problems have been proposed by legislators, but their fate is undetermined at this stage. Cannabis entrepreneur John Oram, CEO of NUG, joins the program to walk us through the litany of issues. (06/2019)