Yesterday, weed stocks were generally green. The day before too. This brought about a load of folks on social media talking about how ‘cannabis is back!’ and ‘the bear market is over!’
Canadian licensed cannabis producer The Wayland Group (WAYL.C), formerly Maricann, currently halted for not being able to get their financials through three different audit teams, has succumbed.
Top tip: You guys out there whining about ‘the market’ being down are finding excuses for the wrong problem.
The precedent has been set. When Ascent Industries (ASNT.C) lost its Canadian LP licensing over product that had allegedly found its way into the grey market, the regulators at Health Canada – rightly – didn’t hold back. They investigated publicly, loudly, and ultimately de-licensed the company, running the brains trust out of town on a rail.
Marijuana Update: Ravenquest (RQB.V), CROP (CROP.C), Lifestyle Delivery Systems (LDS.C), iAnthus (IAN.C), and trust
The ability to trust the people you put your money into is of utmost importance. ‘Management’ is oft cited as one of the pillars of a company’s success, but management in this instance could also be defined as ‘trust’.
When Wayland Group (WAYL.C) forerunner Maricann announced an exclusive deal to produce and sell Colorado-based Rare Dankness cannabis genetics in Canada, shareholders were into the idea.
Regular readers know I’ve been critical of ICC International (WRLD.U) for some time, but news today the company would purchase AgraFlora Organics’ (AGRA.C) Colombian pharmacy assets brings me a rare opportunity to applaud both players in the deal.
Wayland Group (WAYL.C) and ICC Intl (WRLD.U.C) close huge asset deal wait no they don’t argh I’m dying
Investors in currently halted for not being able to put together last year’s financials like real grown up boys Wayland Group (WAYL.C) might have been celebrating today when it was announced their all-share deal to sell 49.9% of their international assets to ICC International (WRLD.U) had closed.
In the days earlier this year, when it became clear from a short seller report that Aphria (APHA.T) had bought into foreign assets that were largely ‘early stage’ if you were being charitable, and ‘fake’ if you weren’t, the company went through four stages of denial.
If you made money along the way on the notorious pump machine that has been Namaste Technologies (N.V), good work, but folks still holding on, expecting that it’s all going to come back around any day now should see me for a great deal on waterfront real estate frontage in Moose Jaw.