receivership
Another day, another cannabis company with “record revenue” filing for receivership.
At this point, are we watching a market correction…
Or just finally admitting half these folks couldn’t run a lemonade stand without defaulting on the ice?
Cannabis companies are entering bankruptcy and receivership like it’s a Choose Your Own Adventure book.
Page 1: Raise $40 million.
Page 2: Mismanage everything.
Page 3: Hand over the keys and call it a pivot.
And now it’s got me asking:
Is this what happens when the people who “fund” the business try to actually run the business?
Or did institutional money finally sober up and realize the spreadsheets were just scented PDFs?
Remember Back to School with Rodney Dangerfield?
That classroom scene where he tells the professor how business really works?
Yeah, this feels like the real world schooling of some of these corporate players.
Just because you have money doesn’t mean you should be running the show.
Leave it to the ones who actually know how… before you scare off the rest of the money too.
Law360, Crain’s, Green Market Report, they’re all pointing to the same trend:
Receivership is the new exit strategy.
(AKA: “Here’s the keys, I’m out. Try not to light it on fire.”)
Meanwhile, Minnesota just launched medical cannabis like it’s still 2013.
Let’s hope they read the headlines before they end up in the same playlist with the rest of the smoke and mirrors.
Monday night I hit the Jameson Bartender’s Ball.
Great people, good energy, and nobody tried to repo the venue or dodge subpoenas.
So that’s already better than most cannabis boardrooms I’ve walked into.
We’ll break it all down soon on F'nAround, where my voice is Loud as hell. Dangerously accurate. Never for sale.
Because
the assholes
that are F'nAround
Stay around.
Before we drop all the Flower Expo content, catch up on the latest episode:
“Friendly F’n Lunch”
https://lnkd.in/g3GBuDhb
Because while these brands are handing over the keys…
We’re just getting started.
All assholes, no excuses.
FnAround.com