Brendan Kennedy, CEO of Canadian MED company Tilray, says he expects at least a dozen cannabis companies to go bankrupt this year.
- He seems to be referring largely to Canadian companies, since they have access to bankruptcy protection. U.S. cannabis companies do not.
- “If companies haven’t already strengthened their balance sheet, they’ve got a hard road ahead,” Kennedy said.
- Tilray stock is trading just below $8/share, down from almost $150 in fall 2018. It recently reported a larger than expected loss for the last quarter.
????For lots more on Canadian companies’ travails, check out WeedWeek Canada.