As cannabis startups struggle, consumers get “legally” high on sketchy synthetics sold in prohibition states.
State-level legalization policy is “complex” but moving in the right direction considering that cannabis remains illegal at the federal level, according to Morgan Fox, political director at the cannabis reform group NORML. Twenty-one states, along with Washington, D.C. and Guam, haveadult-use marijuana legalization, and at least 37 states now have a medical program.
Fox said social equity programs at the state and local level are not working as well as proponents had hoped, but that may be an understatement.
“The more we can replace the unregulated market with the regulated market, the more legacy operators we can bring into the regulated space,” Fox said. “It might be counterintuitive to think that lower taxes equal higher revenue, but when you’re dealing with the unique situation of a preexisting, unregulated market, you have to look at it from a different perspective.”
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