Weedmaps CEO Says Local NIMBYism, Not Federal Prohibition, is the Biggest Roadblock for Cannabis

For years, cannabis reform efforts have been centered at the state and federal level. But with 37 states now having legalized some form of cannabis, regulation concerns are shifting to localities.

Weedmaps CEO Chris Beals sounded the alarm in a recent interview with Yahoo Finance.

"The single biggest issue facing legalized cannabis markets... is that there's just not enough licenses," Beals said.

“Most states that have legalized have left it up to local governments, which tend to be slower to move and more conservative."

Beals cited California as an example. To date, only a quarter of California’s cities and counties have legalized commercial cannabis. Coupled with high taxation and burdensome regulation, that has resulted in a robust market for illegal pot sales — and a legal industry struggling to compete.