There are a lot of reasons, including heavy regulations, high taxes, and competition from illegal weed shops. Most operators are losing money and waiting for Washington to get out of the way. In the meantime, it’s not that easy being green. (Part two of a four-part series.)

• SOURCES:
  • Jon Caulkins, professor of operations research and public policy at Carnegie Mellon University.
  • Adam Goers, senior vice president of The Cannabist Company and chairperson of the Coalition for Cannabis Scheduling Reform.
  • Precious Osagie-Erese, founder and C.E.O. of Precious Canna Co.
  • Nikesh Patel, C.E.O. of Mammoth Distribution.
  • Nikesh Patel, director of the San Francisco Office of Cannabis.
  • Tom Standage, deputy editor of The Economist.

• RESOURCES:
  • "Most Americans Favor Legalizing Marijuana for Medical, Recreational Use," (Pew Research Center, 2024).
  • "Whitney Economics U.S. Legal Cannabis Forecast - 2024 - 2035," by Beau Whitney (Whitney Economics, 2024).
  • "Beer Sellers Use a Loophole to Break Into Weed Drinks Market," by Redd Brown (Bloomberg, 2024).
  • "Cannabis Producer Seeks Boston Beer Merger," by Lauren Thomas (The Wall Street Journal, 2024).
  • "California's 'Apple Store of Weed' Declares Bankruptcy With $410M in Debt," by Lester Black (SFGate, 2024).
  • "Is the State Democratic Chair Influencing Who Can Sell Legal Weed in this N.J. City?" by Jelani Gibson (NJ.com, 2023).
  • "When Prohibition Works: Comparing Fireworks and Cannabis Regulations, Markets, and Harms," by Jonathan P. Caulkins and Kristina Vaia Reimer (International Journal of Drug Policy, 2023).
  • "Did Minnesota Accidentally Legalize Weed?" by Paul Demko (Politico, 2022).

• EXTRAS:
  • "Is America Switching From Booze to Weed?" by Freakonomics Radio (2024).
  • "The Economics of Sports Gambling," by Freakonomics Radio (2019).