Cannabis Bankruptcies Start to Roll in as Pandemic Halts Financing

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The weakest companies are succumbing and even relatively healthy firms are showing signs of strain.

The cannabis bankruptcy filings are starting to roll in.

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Already 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. Pot companies completed two capital raises worth just US$5.6 million the week ended March 27, according to data from Viridian Capital Advisors. That’s the lowest level of activity this year and compares to 17 capital raises worth $169 million for the same period in 2019.

– Read the entire article at Financial Post.

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