A little more than a year after the legalization of marijuana, the cannabis industry -- once seen as a major growth sector -- has fallen short of expectations.

Through the first three quarters of last year, state taxes on pot totaled $228 million, well behind the $630 million projected annual revenue. In the Valley, Jerred Kiloh, owner of the Higher Path dispensary in Sherman Oaks, has found that packaging regulations and high taxes have impacted his sales.

"A lot of customers started leaving because many of the products they'd become accustomed to seeing inside our shop started to disappear," Kiloh told the Business Journal.

Read the full story in the January 21 issue of the San Fernando Valley Business Journal.