It’s been something approaching boom times on the California medical marijuana scene for the past three or four years now, particularly after the Obama Administration’s Ogden Memo, which seemed to open the door for medicinal cannabis providers in states where it is legal.
But following every boom comes a bust; that’s the way the pendulum swings, and that rule’s been around a whole lot longer than the nascent economy-saver that medical marijuana seems to have the potential to be.
When will that bubble burst? How will it happen, and whom will be hurt?
Although a 2010 state report estimates the total value of California’s pot crop at $14 billion, the influx of new players coupled with increased federal scrutiny is putting a squeeze on the industry, forcing out some workers and compelling others to tighten their belts. Like the gold miners who descended on California 16 decades ago, amateurs in the pot business are discovering that their economic parachute is little more than a pipe dream.
For an excellent, in-depth look at these questions, you really should check out a major new piece in GOOD magazine. The article, written by senior editor Cord Jefferson, looks at California’s marijuana economy and the young people working in it.
To read the article on GOOD‘s site, click the title below: