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For almost a year we could possess, consume, grow and gift cannabis, but we couldn''t legally buy either cannabis products or seed.
Lots of plants were started through immaculate inception. 
It was all due to the staggering levels of regulation they imposed on commercial growing, transport, and retail sales. Keep in mind that medical dispensaries already existed. The delays were exclusively on the rec side.
Frankly, even at $400/oz, I don't see how any money is being made. Everything has a regulation, from criminal background checks and drug screening for employees, to security cameras, to staffing levels, to training, to storage and seed to sale tracking requirements, and of course testing for both quality and contaminants.
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