Sundial CEO Says Wave Of Cannabis Store Closures Is Coming…”Slow Motion Train Wreck”

Sundial CEO Says Wave Of Cannabis Store Closures Is Coming…”Slow Motion Train Wreck”
CANNANNEW REPORT

MJ Biz write The CEO of one of Canada’s largest operators of adult-use cannabis stores is sounding the alarm over a wave of potential closures. In a letter to shareholders, Sundial Growers CEO Zachary George discussed his two years at the helm of the Calgary, Alberta-based business, and warned the “trickle” of cannabis store closures could grow into a flood “with the toll likely closer to 1,000 than 100.” George didn’t share specific reasons for the expected mass store closures. Zachary George However, Canada’s marijuana retailers have fended off stiff competition while coping with falling prices eating into margins and oversaturation in some areas. As of last month, 3,138 cannabis stores were open across Canada, according to Cannabis Benchmarks, an industry data provider. That means upwards of one-third of all retailers could be at risk, according to the CEO. Ontario alone had 1,468 regulated marijuana stores open as of May 2 – almost half of all the legal cannabis stores in Canada. Read more https://mjbizdaily.com/sundial-ceo-predicts-massive-cannabis-store-closures-in-canada/?utm_medium=email&utm_source=newsletter&utm_campaign=INTL_20220506_NEWS_Weekly ALSO SEE DECEMBER 2021

THE LETTER Letter from the Chief Executive Officer Reminiscences of a Cross-Border, Essential Worker February 2022 marked my second anniversary as the CEO of Sundial. As I look back, it is remarkable how much we have accomplished in terms of financial performance improvement and our steadfast dedication to delighting cannabis consumers. The past two years have been unforgettable and transformative. The world experienced a pandemic, impacting our daily routines, interactions, and freedoms. The Canadian cannabis industry was deemed an essential service and slowly started to mature, contributing an estimated $45 billion in GDP and $15 billion in tax receipts in the three years since legalization. As a team, we have transformed our company from a poorly positioned business on the verge of bankruptcy to one of the largest Canadian regulated product platforms with an…

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Source : Sundial CEO Says Wave Of Cannabis Store Closures Is Coming…”Slow Motion Train Wreck”

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