Pretty dumb to legalize it and then regulate the hell out of it. Of course people will just route around the regulations. Black markets ftw.

Over supply and too much competition

I knew this would happen eventually. The big thing was to get a farm. Now I think they are going to go into quality instead of quantity. I am not a weed smoker, though. I dont know the ins and outs of it.

Colorado's once booming cannabis market has taken a sharp downturn, plummeting from $2.2 billion in sales in 2020 to just $1.5 billion in 2023, a decrease of over 30%[1]. This has led to layoffs, closures, and downsizing across the industry[1]. The market decline has also significantly impacted state finances, with Colorado collecting only $282 million in cannabis tax revenues last fiscal year, a 30% drop from two years prior[1].

Several factors are contributing to Colorado's cannabis market woes:

Colorado's experience serves as a cautionary tale for other states looking to legalize cannabis[1]. It highlights the importance of carefully regulating the industry and managing market competition to ensure a stable and sustainable cannabis tax revenue stream[3][6].

Sources [1] Colorado's Weed Market Is Coming Down Hard and It's Making Other States Nervous https://finance.yahoo.com/news/colorado-booming-weed-market-went-110000414.html [2] Dow crosses 40,000, cannabis stocks rise: Market Domination https://finance.yahoo.com/video/dow-crosses-40-000-cannabis-213922194.html?guccounter=1 [3] Marijuana tax revenues fall short of projections in many states ... https://finance.yahoo.com/news/marijuana-tax-revenues-fall-short-122828011.html?guccounter=2 [4] r/StockMarket - Reddit's Front Page of the Stock Market https://www.reddit.com/r/StockMarket/ [5] Colorado's Weed Market Is Coming Down Hard and It's Making ... https://www.ar15.com/forums/General/Colorado-s-Weed-Market-Is-Coming-Down-Hard-and-It-s-Making-Other-States-Nervous/5-2729971/ [6] Colorado pot boom is going up in smoke other states worried - Audacy https://www.audacy.com/kearth101/news/colorado-pot-boom-is-going-up-in-smoke-other-states-worried

Weed is a consumer discretionary. In a recession, if people had to give up something - I can picture weed being one of the first things people give up. It isn't a necessity like rice or chicken. However, I know in hard times people do want to numb their feelings. Alcohol and weed are ways to do that.