It is not hyperbolic to say that in many states, the cannabis industry is drowning. Far too much regulation, far too many taxes, and no access to capital yields an environment for cannabis SMBs that is effectively impossible to thrive in. The largest multi-state operators are the only businesses that are positioned to survive this downturn.
Contrast this with federal agricultural policy for the past 100 years, in which entire agencies are dedicated to ensuring the health of American agriculture through loans, subsidies, and economic policy. Even though cannabis is the 6th largest cash crop in the US - roughly the same size as cotton, and larger than rice or potatoes, it is being actively crushed underfoot.
Federal legalization is not close, and SAFE banking is not close. The industry as a whole is sliding into an enduring period of stagnation, and legislators are far too slow to act. For people who have been closely following the industry, all of this is completely unsurprising.