CAN: Why Canadian cannabis industry took a hit before the Corona crisis

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The gains cannabis companies were banking on in the lead-up to legalization of recreational sales in October 2018 have not materialized. So, what went sideways?

In February, weeks before COVID-19 was declared a pandemic and the stock market was sent into a tailspin, a handful of Canada’s largest cannabis companies were already in layoff mode. In B.C., Canopy Growth was preparing to shutter what was once the world’s largest licensed indoor growing operation, a sprawling 12-hectare greenhouse facility in Aldergrove, along with a smaller one in nearby Delta. The early March closures eliminated 500 jobs. A month earlier, Alberta-based Aurora Cannabis Inc. laid off 500 employees and announced the immediate departure of CEO Terry Booth. .en.

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