“This is 2008 for the cannabis industry,” said Kevin Murphy, chairman and CEO of Acreage Holdings. He also compares it to the dot-com bust.
The question remains, which cannabis company will come out of the bust as marijuana’s Google, and which will disappear like Pets.com?
“It has been an exciting year, and not in the way that shareholders in this sector would like,” said Cam Battley, chief corporate officer of Aurora Cannabis.
Battley and others are in Las Vegas this week at MJBizCon, the largest marijuana business conference in the world. More than 1,300 exhibitors and 35,000 attendees are trying to figure out if 2020 will be better than 2019.
“I think the launch in the state of Illinois is going to be a big market mover for the entire industry and that’s coming in January,” said Danny Moses of Moses Ventures.
A catalyst is needed. The top six publicly traded marijuana companies have lost a combined $25 billion in market value since the end of March. There are a variety of reasons which boil down to one — everything is taking longer to roll out.
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