MJBIZDAILY: Nearly 60 Los Angeles cannabis businesses poised to lose licenses on New Year’s Day

By John Shroyer

Source: https://mjbizdaily.com/nearly-60-los-angeles-cannabis-businesses-poised-to-lose-licenses-on-jan-1-2021/

At least 57 licensed cannabis companies in Los Angeles are poised to see their business permits yanked by city authorities at the end of the year – with no obvious way to get the licenses reinstated.

The licensees in question – which appear to be a mixture of retailers, distributors and perhaps other business types – represent roughly 14% of the 418 marijuana business permits issued to date by the city, according to the L.A. Department of Cannabis Regulation (DCR).

Although the City Council has a motion pending to give the 57 companies a lifeline, the council is in recess until Jan. 8.

ADVERTISEMENTSo it’s unclear if the Council would be able to act in time to save the businesses. But even the Council motion itself warns that all of the companies might be forced “out of business” next month.

The situation has many business owners “frantic,” said Jerred Kiloh, president of the L.A.-based United Cannabis Business Association (UCBA).

Read the full article here.

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