California Suspends Nearly 400 Cannabis Business Licenses

Almost 400 cannabis companies in California had their licenses suspended by the California Bureau of Cannabis Control last week because they didn’t enter the required “track-and-trace” system, reported KPBS-TV.

Track-and-trace was written into Proposition 64, the 2016 ballot measure that legalized recreational cannabis use.

The purpose of the system is to ensure that cannabis products from licensed cannabis companies don’t end up being sold in the illegal market.

Alex Traverso, a spokesman for Bureau of Cannabis Control, told KPBS-TV that the businesses were informed they must enter the system within five days of obtaining their provisional licenses.

The agency reminded the companies and then issued a final warning at the end of October, he said. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

"These are growing pains," Traverso told KPBS-TV. "I think we knew it was going to be a process and it was going to take some time, and that it was going to be an adjustment period for a lot of people who have been doing things one way for some time now."

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsMarketsMediaKPBS
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...