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PORTLAND, Ore. (AP) - When Oregon lawmakers created the state's legal marijuana program, they made low barriers to entry to convince pot growers to leave the black market.
As a result, weed production boomed, but with a bitter consequence.
Now marijuana prices in Oregon are in freefall and the farmers who put Oregon on the map decades before legalization are losing their now-legal businesses.
Oregon regulators have announced they will stop processing new applications for marijuana licenses in two weeks and want state lawmakers to take up the issue next year.
As the market stumbles, experts say the dizzying evolution of Oregon's marijuana industry may well be a cautionary tale for California.
A similar regulatory structure there could mean an oversupply on a much larger scale as that state's market emerges.
- Oregon to pause accepting marijuana license applications
- Oregon says no more new marijuana licenses
- Oregon struggles to track marijuana
- Oregon's medical marijuana program riddled with problems
- Judge dismisses marijuana racketeering case in Oregon
- Oregon marijuana prices dive and sales soar
- New Oregon license plates made to be more reflective
- Oregon regulators recommend for California winery to lose licenses
- Oregon to update driver's license, ID card design
- Oregon lawmakers, dispensaries respond to marijuana policy change