The $4 billion time bomb ticking away inside the biggest marijuana companies

As pot-stock mania gripped North America in 2018, a bidding war struck up for a relatively small marijuana-growing property in a Toronto suburb.

Months later, RavenQuest recorded a C$11.7 million impairment charge for the license at the end of the company’s fiscal year — a loss that was nearly 20 times more than its most recent quarterly revenue. The world’s largest pot company by market value, Canopy Growth Corp. CGC, -6.64% WEED, -5.76% , says it has C$1.54 billion of goodwill, according to its latest available financial statements. Since its last fiscal year, it has added $1.23 billion from acquisitions, including C$539.3 million from its purchase of Hiku and C$327 million from the acquisition of Ebbu. Prior to its last fiscal year, Canopy Growth previously added C$207.1 million in goodwill from its Mettrum acquisition in fiscal 2017.

Oh man, hope not

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