Microcap software company Akerna Corp. had high hopes for its role in the cannabis business, but things have gotten so bad it’s moving into another troubled industry, cryptocurrencies. This is just one of many examples that point to tough times in the pot sector.
Separate announcements from Akerna KERN and several other cannabis names in recent days cited problems such as oversupply and competition in Canada as well as in parts of the U.S. market. “The rugged operating and financing environment will be healthy for the industry, clearing away those unable to [respond] to the challenges and strengthening those that took the opportunity to improve their cash-generational capability,” Viridian analysts said in a research note. “It will present a once-in-a-lifetime opportunity for investors/companies/acquirers who can discern deep value and assemble distressed assets at deeply discounted prices.
Instead, the Miami-based Ayr said it plans to focus on “implementation of operating efficiencies, lowering costs across our business, and reorienting our investments into the markets, segments and activities that are most impactful for our growth and profitability.” The company now has until July 24 to regain its minimum-bid requirement. If its bid price closes at or above $1 per share for a minimum of 10 consecutive business days, the company will again be in compliance. If not, Organigram may be eligible for an additional period of 180 calendar days to regain compliance status, or it may be subject to delisting.
Yep, it’s over…SJ Biden failed dope smoking America…Mary Jane is still a schedule one drug.