At the beginning of legalized adult-use cannabis in California in 2018, we all thought the banking situation was going to get gradually better. We thought that as federal legalization became more of a “when” than an “if,” things would loosen up. The money situation here has gotten much tighter though, and the lack of capital is driving California cannabis to a painful and ignominious death.
Once the unparalleled leader, California’s legal ecosystem is today in shambles. Too many of the licensed companies that have entered the legal cannabis marketplace since the 2017 Medical and Adult Use Cannabis Regulation and Safety Act (MAUCRSA) have either gone out of business, or they are heading there.
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