The Industry Wagons are Loaded Up and Moving East
The West Coast always will be known as the birthplace of the modern cannabis industry, but the past decade has proved being a first mover doesn’t always result in a long-term advantage. When Colorado and Washington opened their doors to adult use in 2012, followed by California and Oregon a few years later, the West Coast seemed destined to carve the landscape of the modern American cannabis industry. In many ways, West Coast companies have been an influential force, albeit not a profitable one. As more large multistate operators (MSOs) and regional startups double down on investments in the Midwest and on the East Coast, companies on the West Coast are struggling to survive a years-long slump that shows little sign of abating. In January, an ominous press release from one of the biggest cannabis companies in the United States went out over the wires: “Curaleaf, a leading international provider of consumer cannabis products, today announced the proactive closure of the majority of i...