The cannabis industry is evolving, but does that mean a market turnaround is coming?

San Francisco North American cannabis companies are slogging their way through another rough earnings season.

On Thursday, it was the industry leaders' turn to take their licks. Canada's Canopy Growth and Aurora Cannabis ' stocks were rocked as their financial performances again missed expectations amid ongoing market weakness in Canada and beyond. Those companies and others that tried to live up to sky-high valuations and overly optimistic projections are being greeted by stark realities: New cannabis markets take time to develop, and ongoing regulatory limbo only fuels uncertainty.

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