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Today's top story: CA cannabis farmers clamber to avoid major "extinction event." Photo: Teanna Morgan,Bonno & Unsplash

Northern California grower Mark Shaffer has major concerns about the outlook for cannabis farmers across the state.

Oversupply, high taxes and licensing fees, as well as depressed wholesale prices, according to several industry insiders, are creating cash-flow shortages for hundreds, if not thousands, of farmers across the state who are in jeopardy of exiting the legal industry – temporarily or permanently.

“This is going to be the biggest extinction event of cannabis that we've seen, and it’s unavoidable,” Shaffer told MJBizDaily California correspondent Chris Casacchia.

To avoid such a fate, Shaffer and other cannabis cultivators are scrambling to revamp their operations:

Scores of farmers are opting to let costly licenses expire to save money.

Most are trimming overhead and production, with many forgoing planting altogether this season. Others are combining expertise and resources to make one final run at viability.

Read Chris’ story to learn more about what Mark Shaffer and others are doing to stay afloat.