Wall Street’s latest billion-dollar pot company had a half-ton of bad weed returned as it was going public

The newest cannabis company on Wall Street, Sundial Growers Inc., sold a half ton of pot that was returned by corporate buyer Zenabis Global Inc. because it contained visible mold, parts of rubber gloves and other non-cannabis material, according to people familiar with the matter.

In its own June-quarter report the same morning, Canadian cannabis company Zenabis Global ZENA, +7.69% disclosed that it had returned a half ton of pot and terminated its agreement to buy weed from a “third party” that it did not name. People familiar with the matter say that party was Sundial, and Zenabis returned the cannabis because the pot was of poor quality and contained bits of rubber, among other issues.

Sundial shares have struggled on the open market, falling more than 30% from the IPO price on the first day of trading. After reporting second-quarter sales Wednesday morning, the stock increased 6.6% in the following session, its first daily gain in more than a week. Shares, which sold for $13 in the IPO, closed at $11.08 Thursday.

Examples of such criteria include low potency, terpenes — compounds that generate odors — small bud size and inconsistent color, Chen wrote. Low-potency flower could also be unsuitable for extraction.

NORML_CWA And the executives reap millions

Lol, it’s all bad. scamofthecentury

Cannabis is called 'weed' because anyone can grow it and it grows everywhere with very little effort. Why does a company that can't even grow good weed have a $billion-dollar market cap? financialization of the economy.

420

No stems no seeds that you don’t Acapulco Gold is, sssahhhhuup, bad ass weed

Gone to pot ?

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Source: WSJ - 🏆 98. / 63 Read more »