Canadians who invested in cannabis companies have lost more than $131 billion. It’s a staggering number that if broken down per capita would equate to each Canadian citizen losing about $43,000.
Levon Kostanyan thought he’d found the perfect location for his retail cannabis shop on a busy pedestrian street in downtown Toronto. He opened his doors in September of 2021. Twelve months later he was forced to close. When he picked his location, there was a black-market cannabis shop two doors from his own, but he figured it would be closed quickly or that the government would adjust their legislation to allow him to compete with an unregulated store that continues to offer much more potent edible products.“From my perspective I did everything. I applied for all the licences; I did everything. Why should I go bankrupt?” Kostanyan asked.
“It's an industry that has been created by the Canadian government and frankly set up to fail.” Ellis said. Maris says that thousands of plants are allowed to be grown at the sprawling operation using the medical marijuana licences issued to just four individuals by the federal government. He says that the cannabis in the facility is shared with medicinal users who pay only a quarter of the price to have their plants grown here instead of buying product from a licenced producer or retailer.
Maris admits he’s been growing marijuana for more than two decades, long before legalization, and as a result has a criminal record.
AdrianGhobrial This number is way too high, just because market caps went that high doesn't mean that was how much Canadians invested.
AdrianGhobrial It's a mystery for the ages that a heavily regulated industry with artificially high prices would lose out to an unregulated black market. Totally unforeseen.
AdrianGhobrial 10mg limit for edibles is a joke
AdrianGhobrial So it's as if, every single thing Trudeau touches... goes to 💩. A forensic audit may show if there were any winners in this Trudeau boondoggle of a scheme.
AdrianGhobrial Could that be because there are (checks notes) 3 trillion pot shops all over Canada? Heck try driving through Oka nation ... 98% of their businesses are pot shops.
Lol
It was gonna be awesome
Fake news
Trudeau's fault obviously
jodilhbutts how did you make out? 🤣🤣🙈🙈 Im willing to bet you did pretty good. 🤷♂️🤷♂️
Yup. It's just a market being walmartized. 1) Monopolize. 2) Sell product at or bellow cost, drive competition under until only a few major chains are left. 3) Raise prices.
🤣🤣🤣🤣🤣🤣🤣🤣 It's the Trudeau effect.... The weed in government stores is 💩 How do you fuck up legalizing weed....
Up in smoke
Yeah it is just like Bitcoin all it takes is the hype to exceed the real opportunity.
A business that was once viable with the inherent risks. The Canadian government could fuck up the Lord's Prayer.
Now do Ukraine 🇺🇦
lettuces would been much better investment in the hot
Does that include the government run establishments? Asking for a concerned tax paying citizen.
Lmao