California's cannabis industry, once expected to thrive post-legalization, is now facing bankruptcy, layoffs, and financial instability, with federal legalization looking increasingly unlikely.
The hopes of a flourishing pot market in California are increasingly dim, as ongoing issues like high taxes, regulatory challenges, and cutthroat competition continue to plague the industry.
As companies face immense losses and the reality of a federal government against legalization, analysts are concerned about how many more cannabis businesses will go bankrupt.
Despite initial optimism about legal marijuana bringing prosperity, California’s industry is beleaguered by grim statistics: public companies are laying off employees and reporting enormous losses.
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