Marijuana Industry in California

Deadly Wildfires Devastate California’s Marijuana Industry

Northern California is alive with lethal wildfires, and the Emerald Triangle, which houses many of the state’s cannabis farms, is burning. The blaze is wreaking havoc in Mendocino County, destroying numerous farms just as California is gearing up to start selling recreational marijuana legally next year. There is no respite for pot business owners in the area, many of whom lost their crops. Secretary of the Mendocino Cannabis Industry Association, Nikki Lastreto, had this to say of the widespread devastation, “Nobody right now has insurance. They might have insurance on their house, but not on their crop.” Marijuana growers cannot insure their businesses, as federal law still prohibits pot. Because of this, it is illegal for financial institutions to provide any services to cannabusinesses. Derek Peterson, Chief Executive Officer at Terra Tech, a company that cultivates and sells cannabis in California, explained the crisis that pot farmers now find themselves …

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