Washington state residents voted to legalize adult-use cannabis 10 years ago this month, and in that time, the market has been a success – but not for everyone, and the challenges have been substantial.
As the state’s recreational marijuana industry has grown and matured over the past decade, some of the primary issues today include:
A lack of access to capital. The state’s residency requirements hinder outside investment. Low wholesale prices. Craft and small cultivators confront an oversupplied flower market. Limited social equity opportunities for minority cannabis entrepreneurs.
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But even with those challenges, that’s not to say the market as a whole hasn’t done what it was intended to do, which was to create a state-licensed economy for legal marijuana companies.
The 2022 MJBiz Factbook estimates adult-use sales in Washington state retail stores this year at $1.5 billion-$1.7 billion and reaching $2.3 billion-$2.5 billion
Read full article on Marijuana Business Daily
