Canadians who invested in publicly traded and licenced cannabis companies have lost more than $131 billion. It’s a staggering number that if broken down per capita would equate to each Canadian citizen losing about $43,000.
Canadians who invested in cannabis companies have lost more than $131 billion. It’s a staggering number that if broken down per capita would equate to each Canadian citizen losing about $43,000.
Levon Kostanyan thought he’d found the perfect location for his retail cannabis shop on a busy pedestrian street in downtown Toronto. He opened his doors in September of 2021. Twelve months later he was forced to close. When he picked his location, there was a black-market cannabis shop two doors from his own, but he figured it would be closed quickly or that the government would adjust their legislation to allow him to compete with an unregulated store that continues to offer much more potent edible products.“From my perspective I did everything. I applied for all the licences; I did everything. Why should I go bankrupt?” Kostanyan asked.
“It's an industry that has been created by the Canadian government and frankly set up to fail.” Ellis said. Maris says that thousands of plants are allowed to be grown at the sprawling operation using the medical marijuana licences issued to just four individuals by the federal government. He says that the cannabis in the facility is shared with medicinal users who pay only a quarter of the price to have their plants grown here instead of buying product from a licenced producer or retailer.
Maris admits he’s been growing marijuana for more than two decades, long before legalization, and as a result has a criminal record.
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