Hexo Corp.'s chief executive says he's seen a "price war" take shape over the last five months that could cause "significant" damage to Canada's cannabis industry."A lot of the especially smaller independent retailers are bleeding from a standpoint of just the plethora of retailers that are on the market right now and undercutting one another."
Bowman's comments come as licensed pot producers, which are mostly unprofitable, have blamed illicit sellers, along with excise taxes and legislation for their profitability struggles. Ontario's provincial pot distributor is also getting involved in aiding profitability. The Ontario Cannabis Store's plans to reduce its margin and markups later this year will help licensed producers chisel away at the illicit market.
A 2021 PricewaterhouseCoopers LLP review of the business showed that Hexo "did not maintain, in all material respects, effective internal control over financial reporting'' and several factors "raise substantial doubt about its ability to continue as a going concern.''
Umm…could? As usual 3 years too late.
Yeah.... Anyone over thirty should remember the whole gas wars thing around here, too. The market will stabilize. Then likely boom again as the US slowly opens up medicinal use state by state, and follows up a bit slower with recreational use. They're all looking at the 🤑🤑🤑
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