Predictably, the legacy market grew like gangbusters starting January 21, 2018, when the allure of legal weed shops wore off as cannabis consumers absorbed the new price tags. They quickly called their dealers, bought their bags, lit their joints, and laughed at the folly of legalization. Today, the underground market commands a whopping 75% of market share of all cannabis transactions in the state.
And yet, during a string of robberies over the recent holidays in November, there was no police protection of our facilities. Some were robbed again a day or two later with the same result. In 2016 and beyond, we have been told if we just pay those high taxes, all these benefits and more would trickle down to our community. No such thing has occurred.
These measures cost us a lot of time and money. Yet we felt this was important to build trust. We wanted to be part of the mainstream community. We wanted to give back and share the healing power of cannabis with everyone. We knew politicians had to cover their asses with something as controversial as cannabis legalization; even here in California it's the subject of passionate debate, so we made concessions. And then we made more and more concessions as the demands grew.
This will not be easy. The public does not have a great perception of the cannabis industry in California right now. But they have an even worse perception of elected officials. At least we provide good paying jobs with benefits that allow Californians to live a middle-class life with the potential to build real and lasting wealth. Our citizens know that the potential of the cannabis/hemp economy in our state has transformative potential to uplift all of us.