Global Stock Meltdown is a Disaster for Cannabis Industry Already on the Brink

Article  by Kristine Owram, Growth Op

CANNABIS INVESTING Global stock meltdown is a disaster for cannabis industry already on the brink The fact that some companies, such as Tilray, are tapping the markets at this tense and volatile moment signals a level of desperation By Kristine Owram Some companies were already running low on cash. Cole Burston/Bloomberg files

For an industry that was already struggling to survive slumping stock prices and a virtual shutdown of capital markets, it’s hard to overstate the impact of the coronavirus-related market meltdown.

Between the close of trading on Feb. 20 and Thursday, when many global stock markets were hit by once-in-a-generation declines, the BI Global Cannabis Competitive Peers index slumped 43 per cent, bringing its 12-month decline to about 81 per cent.

It’s debatable what impact the rapidly spreading pandemic will have on revenue — all those housebound, anxious people could be very good for pot sales — but it may be too little, too late for some companies that were already running low on cash.

Read the full article here.

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