It’s heartbreaking to see licensed retailers continue to shutter and the regulated market continue to shrink as consumers turn back to the illicit market. Hopefully, the change to Schedule III will bring tax equity and make these businesses more sustainable. I worry that further delays to tax relief will take the regulated market past a point of no return.
California’s pot shops sold goods worth a total of $5.1 billion in 2023, down for the second year in a row and nearly 11% less than what was sold in 2021, according to the California Department of Tax and Fee Administration.
