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REVENUE CHALLENGES FOR CANNABIS <br />The local legal cannabis market faces ongoing revenue <br />challenges due to several key factors. <br />•Regional unlicensed sellers continue to dominate, offering lower prices due to tax avoidance and fewer <br />regulations. <br />•More cities allowing cannabis sales has increased supply, leading to price drops and reduced profitability. <br />•Revenue declines began even before the cannabis tax rate was lowered on January 1, 2023. <br />5