California produces some of the world’s most valuable cannabis, yet too little of that value reaches the licensed businesses moving it from cultivation to the consumer. Taxes, compliance costs, duplicative tracking, payment delays, limited access to capital and uneven enforcement create friction at every stage, while the illicit market continues to operate at scale. This panel follows the money through California’s supply chain, identifies where value is lost and explores the operational, financial and regulatory fixes needed to build a market that actually works.