Great piece in Cannabis Business Executive today about another rise and fall of a hoped for cannabis empire. The new management team haven’t quite ended up on Elba but it must feel like it when stock is now worth only 0.20 after the heady heights of $3.95.
Doug Poretz writes for CBE
It’s not much of a challenge to find cannabis companies that have crashed and burned since the business became legal and companies began to go public about five years ago. But one would be hard pressed to find a more dramatic shooting star than Zenabis Global Inc. In less than a year, starting in January 2019, when Andrew Grieve was named CEO, until December of that year, when he left the company, Zenabis evolved from an ingenious, but complex, three-way reverse merger that went public on the Toronto Stock Exchange, reaching an enterprise valuation of more than 35 times book value to almost eliminating shareholder value entirely.
