The Pot Stock Bubble Has Burst. Now What?

Resistance to widespread legalization and financial backing continue to dampen growth.

When California voted to legalize recreational cannabis use a couple years ago, the legal pot industry had reason for excitement. One of the most populous and wealthy states in the U.S. was opening its golden gate to an already budding industry. Despite an early surge in growth and enthusiasm, the overall outlook for business isn’t as sunny, at least right now, according to Bloomberg.

“It wasn’t that long ago that the cannabis industry was cruising. Big markets like Canada and California had legalized recreational use, while populous states such as New York and New Jersey were expected to follow suit. This had executives and analysts forecasting sales in the tens of billions of dollars within a few years, sending stocks to valuations that even some in the industry warned were too high.

“But legalization hasn’t been the trigger to invest that many expected. Canada’s biggest provinces have allowed few retail stores to open, while companies have struggled to develop the right mix of products. In California, the legal market has had to contend with high taxes and a well-established illicit market. Legalization efforts in other states have stalled.”

Tracing the Journey That Brought a French Winemaking Family to Sonoma’s Hills

Hélène Seillan was nine years old when her family moved to Sonoma County from Bordeaux, France in 1996. Her father, Pierre Seillan, had spent the past two decades making wine in Bordeaux—and the Loire Valley before that—yet, through an early viticulture exchange program between the United States and France in 1974, he first cut his […]