Cannabis may be legal in Vancouver but visitors looking to score are likely to run into a seemingly counterintuitive suggestion: try the black market.
Recreational marijuana was legalised across Canada in October 2018. And yet on Reddit, the specialist forum website used by millions every day, many of Vancouver’s cannabis connoisseurs still swear by their underground supply.
This is one of the major issues facing North America’s marijuana companies, which experts say are in the midst of a dotcom-style market crash.
Canada and 11 US states have legalised recreational use of the drug, and a little over a year ago companies that cultivate and sell cannabis were seen by investors as one of the hottest tickets in town. Now billions of dollars have been wiped off the market values of the industry’s largest companies.
The North American Marijuana Index, which tracks listed firms in the sector, has plummeted about 80% in the last year and is at its lowest value since 2016, before much legalisation had taken place.
The market capitalisation of Canopy Growth, the biggest firm in the sector by value, has fallen from $24bn in April last year to just over $6bn now, according to figures from the financial data firm Y Charts. [Read more at The Guardian]