Razzle-dazzle days long gone as pot industry faces downturn five years post-legalization

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.

Others weren’t so lucky. They sold their business at bargain prices to a bigger rival, folded or declared bankruptcy.“Until there’s a real regulatory reform in all of the main pain points of the industry, we’re going to continue to see companies go bankrupt … and a lot of consolidation in the market,” Roach predicted.

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.“Everyone else followed, and so you saw this massive price deflation in the legal cannabis market,” Azer said.

For edibles, extracts and topicals, the duty is set at one cent per milligram of tetrahydrocannabinol, cannabis’ active ingredient, in the product. Until the regulations are reformed, Roach maintains there’s going to be a “continued mess” in the industry while the illicit market maintains its strength.

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