Pandemic the last straw as cannabis companies slide off their high

Picture: FABRICE COFFRINI / AFPAlready plagued by a tough regulatory environment, disappointing sales and capital markets that had closed to all but the strongest companies, the industry is now facing a pandemic-related collapse in stock markets and ever-shrinking financing options.

The lack of financing is starting to take its toll on the weakest companies. Last week, CannTrust Holdings and James E Wagner Cultivation filed for bankruptcy protection in Canada. For CannTrust, it was the end of a nine-month-long saga that began when regulators discovered it grew pot in unlicensed areas and ultimately suspended its licence, a blow it was unable to recover from.

Cronos Group, which is well capitalised thanks to a large investment by tobacco giant Altria Group, delayed the release of its fourth-quarter results and restated its financials for the previous three quarters because of issues with the way it reported certain bulk resin purchases. The company’s weak revenue in the quarter — just $7.3m — prompted at least three analysts to downgrade the stock.

Though cannabis sales jumped as self-isolation orders took effect in March, providing a rare respite for the struggling industry, there are already signs the initial spike is starting to wane.

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้

At least I can be Wimbledon champion for two years: Halep - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Simon Halep is trying to look on the bright side regarding the suspension of the tennis season due to the coronavirus pandemic, which means at least she will be referred to as reigning Wimbledon champion for two years.
แหล่ง: SABC News Online - 🏆 32. / 51 อ่านเพิ่มเติม »

Mkhize called to intervene in dispute over forced quarantine of two doctors - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The South African Medical Association (SAMA) says it has requested Health Minister Zweli Mkhize to intervene in a dispute with the Limpopo Health Department over the forced quarantine of two doctors who tested positive for the coronavirus. If the doctors put their domestic worker in danger by making her work when they had already tested positive....fuck them. The doctors Should be the one who comply in full this is aggravating and they should be punished. OK but at Malamulele town people are sent back home by SAPoliceService even when they are going to buy medication at clicks and shop rite, this services are not available in spaza shops and people are sick. This happened to me today and still happening to others. MbalulaFikile
แหล่ง: SABC News Online - 🏆 32. / 51 อ่านเพิ่มเติม »