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Fedrigo1on Oct 27, 2019 10:54am
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Canadian Marijuana Index Hits Lowest Point In Over 1.5 Years
Canadian Marijuana Index Hits Lowest Point In Over 1.5 Years Canadian Marijuana Index Hits Lowest Point In Over 1.5 Years
July 9th, 2019
The Canadian Marijuana Index (CMI) hit its lowest point in over a year and a half today, closing at 470 by the end of the day. The CMI is now down approximately 22% year-over-year, suggesting that investors are struggling to maintain confidence in Canada’s cannabis industry.
Considering that even Bruce Linton—the former CEO of the world’s largest cannabis company, Canopy Growth Corp.—believes that Canada’s cannabis sector is ‘done’, it’s no wonder why investor sentiment could be turning negative.
Via Financial Post,
“Anybody who’s dumb enough to launch a new cannabis company in Canada, I don’t know what they’re doing, they should have been at it six years ago. Canada is done,” he [Bruce Linton] told Bloomberg TV. “You’re going to end up with a few winners and a whole bunch of people who wonder why they started.”
While it’s important to keep in mind that these comments are coming from a man whose non-compete agreement prohibits him from participating in the Canadian cannabis industry, it’s hard to disagree with much of what Linton said. Without a novel technology or business model, Canadian companies looking to get into the cannabis sector today could be at a severe disadvantage… especially considering the time that it takes to build out production facilities and/or retail locations.