The cratering of the cannabis industry in Massachusetts could also dash the financial hopes of a plethora of politicians who cashed in on the business after recreational pot was legalized and retail stores opened five years ago.
Lawmakers, politically-connected lobbyists and the public probably never imagined the industry would be in a financial and public health crisis just a few years later, with stores shuttering and ER visits from pot use skyrocketing.
The agency overseeing marijuana, meanwhile, is already desperately trying to loosen regulations to make it easier for stores to open. It’s like the Alcohol and Beverage Control Commission going easy on liquor stores.
The chairwoman of the Cannabis Control Commission – the former state Treasurer who cashed in on the business herself – imploded at a recent meeting and declared a “crisis” – alarming her fellow commissioners.
So we end up with a troubled industry, plummeting prices, pols cashing in, a public health issue, kids in the ER, gummies showing up in middle schools and little oversight.
Welcome to Dysfunctional Massachusetts, USA.
There are now more than 300 marijuana retail stores in Massachusetts and sales are close to $1 billion a year.
But after an initial burst leading to grand expectations by pot dealers, the novelty is wearing off.
A major cannabis business recently pulled out of the Massachusetts market, saying their profits would not be enough to sustain. Northampton – one of the first cities to open cannabis shops – saw several of its stores close in the last year.
Prices have come down in the last year while the business in some areas of the state appears to be saturated, jeopardizing the hopes of many retail dealers who saw big dollar signs.
And increased pot use, especially among kids and teens, has health professionals worried.
A recent study at Tufts Medical Center found hospitalizations related to pot use and costs have increased following the legalization of recreational marijuana in 2016.
Doctors are also sounding the alarm over an illness called Cannabinoid Hyperemesis Syndrome that’s been hitting hard long-term users of cannabis. Among the symptoms are violent vomiting and stomach ailments. Hospitalizations for CHS have doubled over the last few years.
But that hasn’t deterred pols from taking advantage of legalization to make some cash. O’Brien is just one of many pols who have gotten into the cannabis market. Former Boston City Councilor Tito Jackson, former state Public Safety Secretary Andrea Cabral, former state Rep. Marie St. Fleur, former Boston City Councilor Michael Ross, former House Speaker Thomas Finneran, and former Gov. William F. Weld have all hooked their political tentacles to the pot industry.
O’Brien seemingly melted down at a meeting in July and the CCC appears to be in disarray.
Last month she had to apologize for an outburst directed at her fellow commissioners on the Cannabis Control Commission when she said the CCC was in “crisis” after the agency’s executive director abruptly resigned.
O’Brien said the CCC is already understaffed and overworked.
During a following commission meeting O’Brien said she was sorry for “any confusion I created” with her remarks.
“I know it caught you off guard, and I know there was some concern about that,” she said.
Commission member Nurys Camargo said “everyone is in shock” over O’Brien’s comments, calling the meeting “disruptive and uncomfortable.”
