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IPFS News Link • Drugs and Medications

"Our Industry Is Collapsing": California Pot Companies Beg Newsom To Stop Taxing Them

• Zero Hedge

The cannabis industry in California is reeling from exorbitant taxes and crime, causing the leading companies in the industry to pen a letter to Gov. Gavin Newsom (D) warning that the state's legal pot industry is on the verge of collapse.

"Our industry is collapsing," reads the letter, signed by more than two dozen executives, industry officials and advocates of legalization, following years of growing complaints that the industry was unable to compete with the illegal pot economy, where consumers pay far less for weed that sells 2-3x the quantity of legal businesses, according to AP (via NBC San Diego).