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    From Stocks to Crypto, a Punishing Six Months for Investors

    From Stocks to Crypto, a Punishing Six Months for Investors

    US Stocks Slip, on Track for 4th Monthly Loss This Year

    US Stocks Slip, on Track for 4th Monthly Loss This Year

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    US Consumer Confidence Slumps to Lowest Level in 16 Months

    U.S. stock indexes book biggest daily drop in over a week despite strong economic data

    U.S. stock indexes book biggest daily drop in over a week despite strong economic data

  • NYSE
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    Dominion Energy, Inc. (NYSE:D) Sees Significant Drop in Short Interest

    Thor Industries Shares Decline 2.7% After Expectations of Muted Short-Term Demand

    Thor Industries Shares Decline 2.7% After Expectations of Muted Short-Term Demand

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    Walgreens Boots, Salesforce Inc. share losses contribute to Dow’s 233-point fall

    Walgreens Boots, Salesforce Inc. share losses contribute to Dow’s 233-point fall

    Tilray Brands Inc. Cl 2 stock falls Thursday, underperforms market

    Tilray Brands Inc. Cl 2 stock falls Thursday, underperforms market

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    Western Digital (NASDAQ:WDC) Shares Gap Down Following Analyst Downgrade

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    Duck Creek Tech Shares Decline 12% on Wider 3Q Loss, Lower FY22 Rev View

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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

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    Corus Entertainment 4Q Profit Falls

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    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

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    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    Bitcoin Is Falling: Should You Buy the Dip?

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    CN Rail Stock Is So Undervalued That it’s Absurd

  • News
    From Stocks to Crypto, a Punishing Six Months for Investors

    From Stocks to Crypto, a Punishing Six Months for Investors

    US Stocks Slip, on Track for 4th Monthly Loss This Year

    US Stocks Slip, on Track for 4th Monthly Loss This Year

    US Consumer Confidence Slumps to Lowest Level in 16 Months

    US Consumer Confidence Slumps to Lowest Level in 16 Months

    U.S. stock indexes book biggest daily drop in over a week despite strong economic data

    U.S. stock indexes book biggest daily drop in over a week despite strong economic data

  • NYSE
    Kohl’s Sale Falls Apart in Shaky Retail Environment

    Kohl’s Sale Falls Apart in Shaky Retail Environment

    Delta Pays $10.5 Million to Settle Post Office Allegations

    Delta Pays $10.5 Million to Settle Post Office Allegations

    Dominion Energy, Inc. (NYSE:D) Sees Significant Drop in Short Interest

    Dominion Energy, Inc. (NYSE:D) Sees Significant Drop in Short Interest

    Thor Industries Shares Decline 2.7% After Expectations of Muted Short-Term Demand

    Thor Industries Shares Decline 2.7% After Expectations of Muted Short-Term Demand

  • NASDAQ
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    Walgreens Boots, Salesforce Inc. share losses contribute to Dow’s 233-point fall

    Tilray Brands Inc. Cl 2 stock falls Thursday, underperforms market

    Tilray Brands Inc. Cl 2 stock falls Thursday, underperforms market

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    Western Digital (NASDAQ:WDC) Shares Gap Down Following Analyst Downgrade

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    Duck Creek Tech Shares Decline 12% on Wider 3Q Loss, Lower FY22 Rev View

  • OTC
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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

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    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    Bitcoin Is Falling: Should You Buy the Dip?

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    CN Rail Stock Is So Undervalued That it’s Absurd

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A Tough Week For Cannabis: MedMen And Hexo See Big Losses

avatar by Editor
November 12, 2019
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A Tough Week For Cannabis: MedMen And Hexo See Big Losses

It was a tough week for cannabis, but a very good week for psychedelics and hemp. Four major cities took significant steps toward the decriminalization of psilocybin mushrooms and other psychedelic plants. Meanwhile, the United States Department of Agriculture released interim regulations for the production of hemp, opening a channel for the public to weigh in on them.

On the other hand, we saw a series of bad news coming out of major cannabis companies.

MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF) tumbled on a substantial growth in its net losses, which came in at $82.9 million for the fourth quarter, more than double the loss reported in the same period last year. Full-year revenue of $130 million, up by 227% year-over-year, hit a new record.

Hexo Corp. (TSX: HEXO) (NYSE: HEXO) also posted poor fourth-quarter results, with an adjusted net loss of CA$43.73 million ($33.5 million), which the company said was driven by “the significant scale of operations and increased stock-based compensation expense due to higher cannabis market value, increased R&D expenditures and an impairment loss on inventory.”

DionyMed Brands Inc (OTC: DYMEF) failed to restructure its debt or find a strategic buyer to acquire its assets, going into receivership. The company is in default of $24.81 million plus any additional interest, fees and expenses.

“It was a rough week for cannabis companies like MedMen, DionyMed and Hexo Corp,” Debra Borachardt, CEO of Green Market Report said. “MedMen lost control of its board, DionyMed is going bankrupt and HEXO has stumbled badly on projected revenues. It’s the cannabis industry version of The Real World.

“Companies are being forced to reckon with unrealistic and expensive business strategies and get real with the actual money coming in and what can be spent. Investors have shown their displeasure with pie in the sky plans and want real results now.”

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