Legal Cannabis Industry a Downer

Article by Christina Blizzard, Toronto Sun

BLIZZARD: Legal pot industry a downer Christina Blizzard

Analysts are reeling after Canada’s biggest pot companies posted dismal results last week.

Shares in the largest, Canopy  Growth, fell to the lowest in two years. Its competitor, Aurora, reported a 24% fall in revenue.

While it may come as a surprise to investors, it was predictable when the Trudeau government announced its intention to legalize marijuana. At least this province went with private pot sales, which was smart. New Brunswick is now talking about privatizing its government stores.

The mucky-mucks in charge of the cannabis companies blame an “over-supply” and too few retail outlets in this province.

Really? Generations of illegal dealers have managed to make a healthy living selling weed and these MBAs can’t figure it out?

The reason they’re losing money is because they know nothing about their customers or what motivates pot smokers and look down on them. Many former police officers and politicians are running a business whose customers despise police and politicians.

Why are so many former cops now in the pot business?  It’s like flipping a giant bird to prospective customers. Was it was supposed to give companies respectability?

Former OPP commissioner and Conservative MP Julian Fantino is executive director of medical marijuana company Aleafia. Fantino once compared legalizing cannabis to legalizing murder.

In a CBC interview he explained his about-face, saying, “I was addressing a different era at that time.”

Gee, now you tell us. Meanwhile, you destroyed the poor suckers who were ahead of your developmental curve. There’s a whole raft of former senior cops, from Norman Inkster, who headed the RCMP, to deputy chiefs on down, on the pot bandwagon.

Former provincial health minister George Smitherman is part of the new weed aristocracy.

Is there one “P” or two in opportunist?

Meanwhile, the people who crusaded for legalization are sidelined because they have criminal records for — surprise — pot possession.

So the people who disparaged average tokers, put them in jail, called them evil, who considered what they did to be on a par with “murder,” are now trying — not very successfully — to make money out of legalization?

Why are these new companies not gaining traction?

I suspect because there’s already a well-developed, if illegal, distribution system. Everyone has their guy who gets quality weed to them on time and on budget.

Read the full article here.

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