Well idk, we had some kind of open market here in Canada and it just ended up with a few big players, a million bankruptcies and weed for under $10 CAD a gram.
There were Conservative politicians who got up and publicly said that toddlers would die cause they'd eat marijuana plants grown by their parents!
I wouldn't blame the business plans so much. A lot of them applied for licenses but didn't get theirs approved till after the huge players did. By then, the market had already consolidated.