Despite getting some modest state and local tax relief in recent months, licensed cannabis growers, manufacturers and retailers say they’re still fighting for survival in what’s become an increasingly costly and oversaturated business.
Legal producers and retailers say they face fierce competition not only with each other, but from illegal operators who aren’t subject to regulatory and tax burdens and who control an estimated 60% of the market.
Ongoing difficulties accessing the banking system and federal criminalization of marijuana means it’s harder to get loans, process payments, keep books and pay taxes – and also leaving many businesses sitting on piles of cash that makes them targets for robbery…