'Some of these guys are going to disappear': Slump hits cannabis industry

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As marijuana stocks drop dramatically, some cannabis companies are laying off workers and halting construction on new facilities.

Published Friday, November 15, 2019 10:00PM EST

Edmonton-based Aurora Cannabis is the latest producer to report disappointing financial results. Its sales of recreational weed was down 33 per cent compared to last quarter.To save $190 million in planned expenses, theit was halting construction of one production facility in Medicine Hat, Alta. and stopping work at another facility.

For the cannabis industry, it’s been a dramatic shift from the abundant investment hype seen during the last year’s lead up to legalization.cannabis company Hexo have affected the town of LincolnThe selloff in Canada’s five biggest pot stocks has wiped out $33 billion in market value since May. Zekulin also told BNN Bloomberg his company misread the market for new products like cannabis oils and gel capsules.

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Canopy Growth stock trading at over $70 earlier this year now about $20! Forecast profitability starts in 2023 with EPS of $0.22. With present growth that would value it at about $3.30. So I’m thinking I’ll wait until WEED drops from $20 until about $5-$6 before buying!

We have a failed American businessman in charge of the roll out. His incompetence in everything he touches is costing Ontario taxpayers a fortune. Ideology trumps everything with these miserable regressive Conservatives.

Meanwhile, FireJessAllen

Costs 2x and you have to go to them. Half price buddy delivers. Do the math.

BUY YOUR WEED HERE! Limited Time Only! All Inventory must go. Prices so low you'll ask 'How can we do that' Call 1-800-GoodShit

FireJessAllen

But the 100k + people in the O&G industry, who are highly trained in thier field with various appreciation or journeymen trade skills dont matter? They cut up pot, FFS They were criminals before blackfaceTrudeau took power

I still go to the Weedman. I buy a beer no need for my name. I buy weed......should be no need for my name

I’m pretty sure they can thank themselves for their downfall, all in the name of greed.

In any new industry there are businesses that make it and some that do not make it. The Cannabis industry is no exception.

I guess there’s no need for legal weed.

There's still a great stigma attached to cannabis unlike cigarettes,plus it's still illegal in most of US and could get you banned there. Using your credit card to purchase it could also flag you there as well. I don't see it getting any better.

Slump? People are waking up to fact it is another stupid causing drug!

People don't want dry shitty weed. But who are we and why would anyone listen us. the powers that be make the decisions and have not a clue of what they are doing. 👏👏👏👏

firejessallan

If you're not buying medicalmarijuana from Aurora cannabis. You're missing out on excellent pot at excellent prices. Js baseoftheRockies

Factory pot tastes exactly as you’d expect. Tasteless and bland. If Ontario is serious about the industry it needs to open up new avenues for production and sales.

Are Canadian Tax Payers subsidizing any of the “Cannabis Industry” in Canada ? Any tax dollars (City, provincial or federal) used to start, sustain, support, the Canadian Cannabis Industry?

We have a failed American businessman in charge of the rollout who effectively plugged the end of the logistics pipeline for ideological reasons. The most populous Provinces have Regressive Conservatives in charge.

Did they just figure that out now

Really cuz the black market is thriving. I guess quality and price DO matter after all.

Only the strong survive.

“One of the largest driving factors is the government’s unsuccessful battle with the black market” — But one of the largest driving reasons for legalization is that decades of government laws/enforcement was NEVER successful in battling the black market. Prohibition never works.

alot of u are selling sub par weed, its easier for alot of pple to get better weed off the streets then use off sales, cheaper and better, aurora, has very disappointing medical weed, one time order, never again, all scraggly and crappy,more stock then actual weed sadly

Should say “Slump hits legal cannabis market”. The black market is way up, no risk now.

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