There's way too much weed in California

California's marijuana producers are growing eight times more than is needed for consumption, according to a report by Patrick McGreevy at the LA Times.

Growers would need to scale back, and it's going to be a painful process, said Hezekiah Allen, executive director of the California Growers Association, during a panel discussion at the Sacramento Press Club. The LA Times reported that a consultant in the audience estimated the pot glut at 12 times what's being consumed.

In 1996, California became the first US state to permit medicinal marijuana. Its residents voted in November to legalize the possession of one ounce of marijuana for recreational use. But it now faces a glut ahead of new regulations that ban exports as from Jan. 1.

A consequence of the glut, Allen added, is that some growers on the black market would export their product to other states, which is unlawful under federal law.

Seven states including neighboring Nevada, Arkansas, and Massachusetts legalized marijuana on election day last year. In all, 29 US states have legalized marijuana in some form, according to governing.com.

NOW WATCH: Wells Fargo Funds equity chief: Tech stocks are 'overvalued,' but you should still buy them

Please enable Javascript to watch this video