Canopy Growth Corp (WEED)

[Bonno]

While business around the world shuttered as COVID-19 spread, the cannabis industry was deemed "essential" in nearly 30 states and stood to gain from the pandemic.

But more than two years later, amid rising inflation and fears of a recession, North American cannabis companies are cutting hundreds of jobs, closing retail outlets and cultivation facilities or shuttering altogether.

The cannabis industry mirrors mainstream companies that experienced similar demand and now are struggling to rightsize their businesses, High Time correspondent Bonno writes.

The cannabis industry layoffs and retrenchment have affected plant-touching companies large and small as well as tech businesses such as Akerna of Colorado and Dutchie of Oregon.

Scaling bunk weed did not help.