Canadian pot companies have enough cash to operate for 6.5 more months while U.S. weed companies typically have about 14, a new study found.
The largest Canadian marijuana companies have less than a year’s worth of cash left on average, and their U.S. counterparts aren’t faring much better, according to a new study.
Two of the largest Canadian names are on pace to run out of money within the next 12 months, according to Ello. Aurora Cannabis Inc. ACB, -1.28% ACB, -1.44% has just more than two months of cash remaining in its war chest, according to the analysis, and Canopy Growth Corp. CGC, +4.51% WEED, +4.26% slightly less than eight months of cash, with about $833 million remaining, the report said. Previously, Constellation Brands Inc. STZ, -0.06% invested $4 billion in the Canadian weed producer.
“The entire sector is experiencing a considerable cash crunch,” a Green Growth spokeswoman wrote in an email. “Like many of our peers, we are closely monitoring capital and are working with key investors to secure additional funding.” Raising new capital has become more difficult. According to data from Viridian Capital Advisors, which tracks cannabis capital raises, the slowdown began in March 2019 and financing cratered by the last two months of 2019. Overall, capital raises for public and closely held weed companies fell 20.3% in 2019 from 2018, for a total of $11.3 billion.
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