As licensed cannabis companies struggle to match the lower prices of the legacy industry, many are shifting focus away from expensive indoor greenhouses and adding outdoor grow locations. 

CannTrust Holdings Inc. (TSX: TRST; NYSE: CTST) recently closed the acquisition of 81 acres in British Columbia for an outdoor grow, and is now awaiting Health Canada approval before beginning operations. 

The marijuana hype is over, and previously upbeat investors feel utterly disenchanted. There was never a month post-legalization of adult-use marijuana that the sector was not challenged. All major players piled up losses. Fortunately, no cannabis company has raised the flag of surrender or declared bankruptcy.

As it becomes easier for Canadians to test the benefits of cannabis-related products such as increasingly popular CBD oil, it’s little wonder that some pet owners are looking to give their furry loved ones the same treatment.

But hold on, doggone it.

Health Canada has yet to approve any CBD oils for pets, leaving owners a bit in the dark about what they can or can’t, should or shouldn’t do when it comes to CBD and their cats, dogs and even horses.Experts, however, offer some clarity.

Canopy Growth Corp  (TSX:WEED)(NYSE:CGC) is going through some tough times. After reaching a peak closing price of $69.90 in April, the stock embarked on a major bear trend, which saw it fall to $52.87 on Monday.

The sell-off correlated with two developments: a May selloff that affected almost all markets worldwide, and a Q4 report that showed a loss of over $300 million. Given that Canopy kept falling after stocks rebounded in May, it’s likely that the Q4 loss was the main factor behind its tanking share price.

The 2019 World Drug Report recently-released by the United Nations Office On Drug and Crime reaches a conclusion that may or may not come as a surprise to residents of British Columbia.

The study found that between 2013 and 2017, 23% of B.C. residents used cannabis, a percentage that surpasses the national average of 15% and is the highest in Canada.

Cannabis was legalized on October 17th, 2018 as part of the federal Cannabis Act.

Other trends identified in the report included a 40% increase in use across Canada since 2013, and a 62% increase since 2011. A significant factor in that spike is an increase in use among young adults around and below the age of 19.

Cannabis has been demonized for decades, labelled as a gateway drug that leads to harder drug abuse and associated with violence, crime and antisocial behaviour. In a surprise move, Canada, the only developed country to do so, legalized the recreational consumption of marijuana, becoming only the second country globally to do so after Uruguay. This sparked a rash of initial public offerings (IPOs) among cannabis cultivators as they sought to cash on what is believed to be a multi-billion global industry.

Medical cannabis patients say recreational pot legalization has made it harder to obtain their medicine: Survey

What happened

Shares of Tilray (NASDAQ:TLRY) popped more than 20% last month, according to data provided by S&P Global Market Intelligence, after it reached a deal to extend a lock-up period with its largest shareholder.

So what

The Canadian marijuana company signed a nonbinding letter of intent with private equity firm Privateer Holdings, which will extend the lock-up period for up to two years on the 75 million Tilray shares it owns.

Cannabis stocks are down significantly in the past two months and investors are trying to decide if the pullback presents a good opportunity to buy marijuana stocks in their portfolios.

Growing pains

Every new industry goes through periods of volatility, and the rapid rise of the cannabis sector from penny-stock outliers to mainstream media darlings with billion dollar market caps is one for the record books.

The story continues to unfold and there will likely be a handful of big winners and many more losers once the dust settles and the industry begins to mature.

The first cannabis retailer opened its doors in Fort McMurray just before the Canada Day long weekend, with eight more locations approved by the municipality and awaiting a provincial licence.

More than eight months after Canada legalized the sale and consumption of cannabis, Plantlife Cannabis opened at 4 p.m. on June 26 in Stoney Creek.

“Once we heard legalization was coming, it was a matter of if we should be sitting on the sidelines,” said Mike Wheeler, CEO of The Canadian Brewhouse chain, which is running the stores, at the launch. “We want to be here for a long time.”