Canadian cannabis companies just dodged a bullet
Stock prices for Canada’s cannabis companies have been struggling since marijuana was made fully legal there last year. The reasons why are numerous: A poorly organized rollout resulted in there being too few retail shops across the country, CannTrust Holdings (NYSE:CTST) was involved in an illegal growing scandal, and the companies themselves have delivered disappointing financial results. The last thing that shareholders in these businesses need is even more adversity, but that could have been on the horizon had Canada’s Prime Minister Justin Trudeau not retained power in this week’s national election. Marijuana legalization has been a polarizing issue on both sides of the American and Canadian border, and Canada likely wouldn’t have led the way on it if Trudeau’s Liberal Party were not in power. In 2015, when he was elected, he succeeded Prime Minister Steven Harper of the Conservative Party, a man who has described pot as “infinitely worse” than tobacco. While the current Conservative leader, Andrew Scheer, pledged to keep marijuana legal if his party took control of Parliament back, that doesn’t mean that a Conservative government would not have imposed a lot more red tape and created hurdles for the industry. Critics have leveled a lot of blame…
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