Massachusetts regulators approved a freeze on new licenses for cannabis grow sites. The state's flower supply far exceeds demand, with the price of an eighth of an ounce of pot falling to barely $14.
The move comes as customers aren't buying more pot even as it becomes cheaper, citing rising costs for daily necessities and increased scrutiny over mold and yeast contamination. The Cannabis Control Commission voted, 3-1, to approve a freeze (Commissioner Bruce Stebbins voted no).
The freeze will start June 16 and last at least four months, at which point commissioners would review whether there's still a large oversupply of flower. The freeze doesn't apply to micro-business license applicants who are in the social equity or economic empowerment programs, nor would it apply to existing licensees, including those seeking to shrink or expand their canopy.
The CCC also stopped short of freezing other license categories, including dispensaries. Commissioner Kim Roy told Axios earlier this month that a retail license freeze didn't make sense when lawmakers had just voted to lift the cap on those licenses from three to six.
Read more at Axios Boston
