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Business

Many California growers against legalizing pot

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Business

Many California growers against legalizing pot

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COMING UP:Many California growers against legalizing pot

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00:00:01
>> Welcome to California's Emerald Triangle, a stretch of the state's far north coast that prides itself on growing some of the highest quality pot in the nation. For decades, much of the growing here has gone on illegally but that could change in November when Californians vote on whether to legalize recreational pot, allowing black market firms like this one to go legit.
00:00:23
But it turns out many of those growers are against the ballot measure. Reuters correspondent Rory Carroll in Humboldt County explains why.>> Their concerns stem from the fact that big agriculture could come in, undercut small producers, and then drive up prices once those producers are out of the market.
00:00:40
>> Some also worry that legalization will bring new oversight and mounds of red tape. California, where medical marijuana is legal, is the biggest pot producer in the US. Nationwide, it's a business worth an estimated $30 billion. Those who favor the ballot measure Proposition 64 say there is even more market potential out there.
00:01:02
As more states legalize average prices for wholesale cannabis have taken a major hit dropping about 20% since the start of this year.>> Supporters say that it will open up the business to much bigger marketplace, something that's desperately needed as prices sag amid oversupply of products.>> And while the possibility of legal protections loom large as voters hit the polls this November, many producers believe Prop 64 is just a government money grab at what's left of a shrinking pie.