Supply is outstripping demand in the unlikeliest place—legal recreational marijuana in the state of Washington. Growers who jumped into the new legal market hoping to make a killing in cannabis are now getting killed by a glut of product.
“There is going to be a lot of people who are going to be in trouble,” said Ata Gonzalez of GFarmaLabs, which sells cannabis-infused products.
How did this happen? Much of the problem may be due to differences in the legal “adult use” marijuana markets in Washington and Colorado.
In Washington, unlike Colorado, legal pot can be grown outdoors, and there was almost perfect weather last summer in the eastern part of the state, leading to a bumper crop.
– Read the entire article at CNBC.