In a matter of months, white-hot cannabis companies have flamed out in spectacular fashion. Deep-pocketed institutional investors remain on the sidelines and old-fashioned black-market dealers still provide stiff competition. It’s still the largest pot company in the world, but at $7.1 billion Canadian, its market value is just a sliver of the $24 billion it reached in April. “The last industry chapter was defined by growth at all costs,” MedMen Chief Executive Adam Bierman said in an interview. “Now we’re transitioning out of that chapter, and that transition is harsh and quick.”Legal weedAdvertisementIt wasn’t that long ago that the cannabis industry was on fire.

Source: Los Angeles Times November 16, 2019 17:15 UTC