Plummeting Marijuana Prices Create A Panic In California (Moral Decay)
For decades, illegal marijuana cultivation has been an economic lifeblood for three counties in northern California known as the Emerald Triangle.
The war on drugs and frequent raids by federal drug agents have helped support the local economy — keeping prices for street sales of pot high and keeping profits rich.
But high times are changing. Legal pot, under the guise of the California’s medical marijuana laws, has spurred a rush of new competition. As a result, the wholesale price of pot grown in these areas is plunging. . . .
“The displacement of persons deriving supplemental income through clipping, gardening and distribution of marijuana dwarfs the number of growers who will lose their income entirely,” says local activist Anna Hamilton, who organized a gathering in Garberville. She says the broader community is already feeling the ripple effects of falling pot prices.
“There are business foreclosures, storefronts closing. There’s a lot of instability and anxiety,” she says. . . .
(Excerpt) Read more at npr.org
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