Cannabis Watch: ‘Don’t smoke the Kool-Aid,’ analyst says in sober note on the cannabis sector [MarketWatch]
Aurora Cannabis Inc. - Common Shares (ACB)
Company Research
Source: MarketWatch
‘Don’t smoke the Kool-Aid,’ analyst says in sober note on the cannabis sector MKM Partners initiated coverage of five Canadian cannabis companies and two U.S. multi-state operators on Friday with a cautious outlook, arguing that the current business model of cultivation will become commoditized and make it difficult for companies to build strong brands. In a note entitled, “Don’t Smoke the Kool-Aid,” analyst Bill Kirk, an executive director at MKM, said supply will likely exceed consumer spending growth, which will pressure existing business models. Ever since Canada fully legalized cannabis for adult recreational use last October, companies have struggled with losses and Kirk is expecting things to get worse; like other agricultural products, as yields per acre improve, profitability per acre will fall. U.S. growers in states that have legalized are facing the same dilemma. “In the U.S., cultivators have indicated that their 2018 (roughly year three of most operations) profitability
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