With high taxes, a saturated market and few options, some of Canada’s legal cannabis producers are struggling.
When the federal government legalized the sale of recreational cannabis in October 2018, retail locations popped up one after another as investors and entrepreneurs dove into a new industry that was highlighted as the next big thing for the economy.
However, prices are falling and the industry is taking a hit, and licensed producers and retailers are now looking for new ways to improve their bottom line.
Taylor Giovannini, co-owner of Oceanic Releaf, a cannabis producer based in Burin with nine retail locations across Newfoundland and Labrador, says a lot of the problem is due to how the deal was initially laid out.
Chris Crosbie, chief operating officer of Atlantic Cultivation in St. John’s, said Giovannini’s concerns are widespread in the industry.
And without any changes to help the industry from the federal level, Crosbie predicts a dire future for many licensed companies across the country.
The original article contains 499 words, the summary contains 154 words. Saved 69%. I’m a bot and I’m open source!
This is the best summary I could come up with:
With high taxes, a saturated market and few options, some of Canada’s legal cannabis producers are struggling.
When the federal government legalized the sale of recreational cannabis in October 2018, retail locations popped up one after another as investors and entrepreneurs dove into a new industry that was highlighted as the next big thing for the economy.
However, prices are falling and the industry is taking a hit, and licensed producers and retailers are now looking for new ways to improve their bottom line.
Taylor Giovannini, co-owner of Oceanic Releaf, a cannabis producer based in Burin with nine retail locations across Newfoundland and Labrador, says a lot of the problem is due to how the deal was initially laid out.
Chris Crosbie, chief operating officer of Atlantic Cultivation in St. John’s, said Giovannini’s concerns are widespread in the industry.
And without any changes to help the industry from the federal level, Crosbie predicts a dire future for many licensed companies across the country.
The original article contains 499 words, the summary contains 154 words. Saved 69%. I’m a bot and I’m open source!