MJBizMag September 2020 - 52

AFFAIRS
FOREIGN
Adult-Use Cannabis Sales by Month in Canada
Source: Statistics Canada
Copyright 2020 Marijuana Business Daily, a division of Anne Holland Ventures Inc. All rights reserved.
in early 2019, to Bruce Linton, who
was ousted from Canopy Growth that
summer, to Terry Booth's departure
from Aurora in February 2020, a
number of the executives who led the
charge through legalization have since
moved on.
With most large producers still
Canopy
Growth CEO
David Klein
4. THE BIGGEST PLAYERS
RETHINK STRATEGY
With their former leadership out, two of
Canada's largest producers have undertaken
major corporate transformation in
recent months.
Canopy Growth initiated a business
struggling to prove they can turn a profit,
it's reasonable to expect more executives
will be shown the door.
3. QUARTERLY LOSSES
CONTINUE
Staggering quarterly losses have stained
the balance sheets of several major
Canadian producers since legalization,
although a handful have managed to
turn a profit.
Some money-losing license holders
have blamed lower-than-expected
revenues partly on a painfully slow
rollout of regulated cannabis stores in
Canada's largest provinces, including
Ontario and Quebec. But undisciplined
spending has played a role, too.
review after bringing on new CEO David
Klein, a former chief financial officer
at alcohol giant Constellation Brands,
which owns nearly 40% of Canopy.
Under Klein's leadership, Canopy
Aside from triggering facility closures
and executive turnover, the continued
red ink highlights the failure of most
major publicly traded Canadian
producers to deliver sustainable business
plans in their home market.
If that trend doesn't change soon,
industry consolidation seems likely, with
struggling companies either going out
of business or getting scooped up by
healthier rivals.
52 Marijuana Business Magazine | September 2020
started closing cultivation facilities and
pulling back from certain international
markets to focus on Canada, the
United States and Germany, where the
company sees its best chances for nearterm
profit.
Aurora Cannabis similarly launched its
own transformation plan, closing some
grows to centralize production and lower
production costs.
The success or failure of those
corporate reform attempts will
doubtless offer important lessons to the
rest of the industry.

MJBizMag September 2020

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