More than three years after the federal government legalized cannabis, there are more than 870 licensed cultivators, processors and sellers in Canada. But despite piqued interest following legalization, high supply and low demand have led to billions of dollars in writedowns and millions of grams of unsold marijuana.
“Competitive pressures, licence expansion outpacing market growth, and a growing value-oriented customer base have created challenging market conditions for the industry as a whole,” said CEO Stéphane Trudel in a statement. Matt Bottomley, equity research analyst at Canaccord Genuity with a focus on the U.S. and Canadian cannabis sectors, notes it has been difficult for companies to make gains in the sector due to the competition.
Fire & Flower’s most recent quarterly financial report comes after a shakeup in the company’s leadership. Trudel, a former executive at Alimentation Couche-Tard, was appointed CEO in early June. Couche-Tard, which owns Circle K convenience stores, also announced in April it intends to boost its stake in the cannabis company to 35 per cent, from approximately 20 per cent.Despite market challenges, High Tide rode a wave of strong sales in the last quarter.
Praise Jesuz, Son of Gawd government still prefers gangs and drug cartels still regulate and distribute cocaine and heroin to your kids, and parents looooove it lol. family love friends happy life photography familytime fun like
First off, eat sh*t Star. Second legal weed is a bust.
Handcuffed from the onset. Far to many regulations.
Maybe they should have a sale! Lower prices!!
The cannabis market sector on the TSX has proven to be a major disappointment unfortunately.
The industry is competing with people growing their own legally and they have no clue how much is being produced by home growers.
Poll: Did the Canadian government invent a fictional war on illicit cannabis to trick Canadians to support cannabis legalization?
Poll: Did the Canadian government profit mostly from cannabis sales by young adults? ⚠️ future of Canada harmed CanadianPM jyduclos
Lol sell it cheaper!!!
Poll: Will cannabis legalization cause pre-mature deaths?
Poll: Will cannabis legalization hurt future generations of Canadians?
It's cheap online. Like they'll send you a garbage bag of weed for a couple hundred
Fire & Flower, a Toronto-based cannabis consumer retail and technology platform, acknowledged the market challenges in its recent quarterly report to investors, released in mid-June.
Low demand for your garbage weed, you mean.
Poll: When factoring emerging lawsuits, was cannabis legalization a BUST? SenateCA SenCa jyduclos
Poll: Are there too many pot shops?
Poll: Did Health Canada sabotage assets for Canadian oligarchs? CompBureau
To maney stores We have 4 in the town I live in one or two would be enough
Poll: Is the Canadian government harming Canadians for profits from cannabis? CanadianPM JustinTrudeau theJagmeetSingh PierrePoilievre
Poll: Should cannabis legalization be reversed to decriminalization?
Just think of all those $Billions Liberals promised it would bring in in taxes.
Poll: Should Health Canada stop issuing new licenses IMMEDIATELY? GovCanHealth jyduclos
Lower prices more :)
Trash product. Unbelievable how they screwed this up.