Posted on 11/19/2023 5:27:10 PM PST by Oldeconomybuyer
This spring, rumors were swirling that HERBL, one of California’s largest cannabis distribution companies, was on the verge of collapse. So Mike Beaudry, the company’s CEO, sent out an email on May 18 declaring that “these rumors are categorically not true. HERBL continues to be fully operational.” Less than a month later, HERBL had completely collapsed.
HERBL’s failure left a trail of damage that hurt small pot brands and shorted the state some $17 million in unpaid taxes. HERBL is only the latest high-flying California pot startup to crumble, following companies like Flow Kana, which raised $175 million in capital only to collapse, and MedMen, the California startup that earned a billion-dollar valuation calling itself the Apple Store of Weed only to find itself this year on the brink of financial ruin.
Observers in the industry say that HERBL’s demise shows how cannabis companies in California are forced to abide by a more difficult set of rules than other industries.
(Excerpt) Read more at sfgate.com ...
The gubmint cannot grow and sell pot at a profit
The gubmint cannot run a bunny ranch at a profit.
Not a surprise
And the cartels are taking full advantage and destroying the environment in the process
No Stems
No Seeds
That you don’t need
Acapulco Gold
Is bad A$$ Weed.
“… and shorted the state some $17 million in unpaid taxes…”
“… Flow Kana, which raised $175 million in capital only to collapse…”
“… MedMen, the California startup that earned a billion-dollar valuation…”
I think a pattern is forming. Which non-extradition country’s beach are these guys drinking pina coladas on?
Especially if that middle man is crooked crime syndicate.
Help, I’ve fallen down and can’t reach my bong!
That way did go away. Indeed, it has grown and thrived in the age of “legalization.” Mexican cartels have especially thrived with legalization - a lot more potheads, schizophrenia, psychosis, and funding violent crime.
That way did *not* go away. Indeed, it has grown and thrived in the age of “legalization.” Mexican cartels have especially thrived with legalization - a lot more potheads, schizophrenia, psychosis, and funding violent crime.
Yes, but screwing up selling pot to Californians has to be a whole new level of screwing up - let's call it Biden level.
“crooked crime syndicate”!
Are you talking about the GOVERNMENT OF THE “LATE” GREAT STATE OF CALIFORNIA?
Yes. When the government becomes the official and mandatory middle man, failure is assured. Only the government could cause the drug trade (legalized) to fail.
Think about that. They legalized an illegal drug trade that made billions then turned it into a failed business.
Hell my drug oblivious, business oblivious mother could run the legal drug trade better. How hard is it to grow a weed, move it to the sellers then sell it to buyers/customers. It’s easy yet California legalized pot business is going under. Eventually the only sellers will be the efficient gangs. Think about that. The guys buying fancy cars, gold grills, education that at best can be called elementary in content can run the system than all those college educated idiots that want water conservation studies, environmental impact studies ..,
Even if half of the farmers crops going to the “independent “ distributors for cash with less tax the entire business is becoming insolvent. Only the government can screw a government monopoly up this bad. Lol. Failed not due to human sinful nature but bureaucratic incompetence.
MedMen actually produced some good product. Helped me with relieving symptoms from severe arthritic pain. Plus products were reasonably priced.
In NY the Gov, Princes Kathy, only allowed convicted felons to obtain cannibals sales licenses. Many entities sued, and rightfully so.
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