With capital still difficult for LPs to obtain, a representative of Canaccord Genuity—Canada’s largest cannabis bank—said “Yes, there are going to be bankruptcies.”
Financial Post

  • Tantalus Labs’ founder Dan Sutton predicted “Running out the delayed / halted facilities and bankruptcies 12 months alongside market growth in Canada and we are reasonably back to product shortages mid 2021.”
    Twitter—Dan Sutton

Evolve ETFs launched its Evolve Marijuana Fund, a cannabis exchange traded fund, in early 2018. This week Evolve shut down both their cannabis ETFs.
Financial Post

  • Evolve’s cannabis ETF SEED rose from its opening price of $20.48 to $30.66 at its height. On January 27, it was trading for $11.61.
    Globe and Mail
  • Evolve CIO Elliot Johnson said, “Over-regulation in the Canadian market has stifled cannabis sales and dampened the entrepreneurial spirit that originally attracted so many investors.”
    Wealth Professional

Bank of Montreal cannabis analyst Tamy Chen increased her target price for Canopy from $25 to $40, and upgraded the stock from “hold” to “buy,” based on stories that value-priced REC brands are outselling premium brands.
Financial Post

  • Critics continued to wonder why Canopy, according to Seeking Alpha, “took a month after launch to tell the public the company wasn’t ready to produce THC beverages at scale.”
    Seeking Alpha

Meta Growth (formerly National Access Cannabis) operates 33 REC stores across the country, but reported a 7.4% quarter-over-quarter decline in Q1 revenue. Still, the $501,000 sales-per-store nonetheless beat the Alberta average of $278,000.
Twitter—David George-Cosh, NewsWire, Twitter—Michael J. Armstrong

Dragons’ Den alum and “the dragon with a heart” Brett Wilson invested $2M in Indiva, buying its entire offering.
New Cannabis Ventures, GrowthOp

The REC beverage industry is taking longer to get off the ground than some might have hoped.