From high flying to burnout, pot industry faces downturn five years post-legalization

Television deals, ratings generate record-setting NFL revenueAwareness still at disadvantage in decades-long battle for tennis pay equityThe information you requested is not available at this time, please check back again soon.When Abi Roach thinks about the 20 years she spent fighting for Canada to legalize cannabis, she says pot legislation is like a clenched fist.

"It's the closed fist that slowly opens as we prove ourselves to society as being just a normal part of everyday life," she said, as the fifth anniversary of cannabis legalization approaches on Oct. 17."The world isn't exploding, the chickens aren't going to fall from the sky, if people are consuming cannabis.The signs of that viability are everywhere. Cannabis shops dot some of the most coveted strips in Canadian real estate.

Many cannabis businesses were doomed from the start. They spent fast and furiously in anticipation of legalization, scrambled to produce the right amount of pot — first there was not enough, then too much — and discovered catering to consumers wasn’t easy. Hexo Corp. paved the way, she said, when it launched 28-gram packages of Original Stash dried cannabis flower in 2019 . It sold for $140, or roughly $5 per gram in Ontario, and slightly less in Quebec. Then-chief executive Sebastien St-Louis marketed it as disrupting the black market.

For dried and fresh cannabis, plants and seeds, the taxes amount to the higher of $1 per gram or a 10-per-cent per gram fee. Roach realized the tax “is absolutely unrealistic,” after she sold her beloved HotBox to the Friendly Stranger pot firm in 2020. It later turned the business over to Fire & Flower Holdings Corp., which has since filed for creditor protection.

“We’ve been through a lot and I did 20 years fighting for legalization, but I always say I didn't fight for legalization to purchase cannabis in the unregulated market,” Roach said. "It probably is the single biggest challenge because if the illicit market would have gone away, as people predicted, you wouldn't have seen the dramatic shutdown of facilities and layoff of employees,” he said.Thousands of cannabis workers have received pink slips over the last five years and many of the greenhouses and offices where they worked are in the hands of new owners.

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