Harvest One Cannabis (HVT.V) loses $15.9 million in Q2, cuts costs to stop bleeding, and re-enlists for cannabis 2.0
When cannabis was legalized in 2017, it was thought to be more akin to a land of milk and honey for investors. Everyone was going to get on board—from daytraders to grandma putting up her pension to make some sweet post-retirement cash—and for awhile, it looked good. Some companies ran hot. Others not so much. But eventually, the bubble got so big that there was no coming back. Now the cannabis sector looks like a field hospital circa the first world war. All screaming and howling in pain, and baskets full of severed limbs where doctor’s needed to amputate the limb to save the soldier. Except the screaming and howling is coming from investors, and the baskets of limbs are from companies taking an economic bonesaw to underperforming assets to cut costs.