Mergers and acquisitions follow the state’s “Green Rush” of explosive growth, then falling prices.
FILE – An indoor cannabis farm in Gardena, Calif., is seen, Aug. 15, 2019. Marijuana advocates are gearing up for Saturday, April 20, 2024. A federal proposal to reclassify marijuana as a less dangerous drug has raised the hopes of some pot backers that more states will embrace cannabis. Facing price pressures and fierce competition, California’s vast and fragmented marijuana industry is consolidating, ushering in the era of Big Weed.
“The survivors are strong, and getting stronger,” said Laurie Holcomb, CEO of Gold Flora, a vertically integrated “seed to sale” network of cultivators, manufacturers, distributors and dispensaries in California, including San Jose, Vallejo, Oakland, Soquel and San Francisco. Weed had a homespun start. In the 1960s, grown on forbidden farms and makeshift homesteads, it was shared, bartered or sold among friends. During the worst of the AIDS crisis in the 1980s, San Francisco’s “Brownie Mary” Rathbun and other “dealer-healers” walked the streets, selling goods out of a basket for several dollars each.
Meanwhile, taxes are high, and illegal weed is abundant, undercutting the legal market. Earlier this year, officers found 41,218 illegal plants and over 2,900 pounds of processed cannabis, worth nearly $39 million, on San Leandro Street in Oakland, as well as $10 million worth of plants discovered on Kevin Court, also in Oakland.
Oakland’s Harborside dispensary, founded by activists in 2006, has a long and storied history as a nonprofit patient collective. Now Harborside has retail locations in Oakland, San Jose, San Leandro, San Francisco and Desert Hot Springs. Two years ago, after Harborside’s purchase of manufacturer Sublime, retailer Urbn Leaf and the brand Loudpack, the four companies merged into one, with a name worthy of eye-rolling: StateHouse Holdings.
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