Eh? Bud! 1,250 Honda Civics worth?
The Blind Squirrel's 'Monday' Morning Notes. Year 3; Week 33.
Eh? Bud! 1,250 Honda Civics worth?
Reader warning: This is not a piece on the Japanese automotive industry.
The 🐿️’s last trip to Toronto was just under 3 years ago. I was in town to make good on a mid-pandemic commitment to visit my friend - and the original macro tourist -
. The following day, I had a few hours to kill before catching my flight on to London and decided to take a stroll.Within a few minutes of leaving my hotel the pungent aroma of ‘Devil’s Lettuce’ was almost overwhelming. Strolling down Queen Street West pretty much every retail outlet was a cannabis dispensary, ‘gummie’ store or bong shop!
To say that the market for ‘Jazz Cabbage’ was saturated in the great province of Ontario would be an understatement. I was fully aware that the 2018 legalization of ‘Giggle Bush’ in Canada had spawned a speculative start up frenzy in the sector that fed into some spectacular destruction of shareholder wealth.
However, last week I learned the astonishing fact that, between 2018 and mid-2023, Canadian cannabis producers destroyed 3.7 million pounds of unsold product, a quantity equivalent to the weight of 1,252 Honda Civics. To this day, the Canadian ‘tax man’ remains the largest creditor to the industry. Holy stoners!
The🐿️ did not get involved in the Canadian pot stocks back in 2019 but has been a ‘user’ of (the shares of!) the US Multi-State [cannabis] Operators (MSOs) before.