Canada racks up 400-tonne cannabis mountain after production bingeNZ Herald 25 November 2019Family First Comment: This is the supposed ‘success’ of legalisation….“Cannabis inventories came to almost 400 tonnes at the end of August, enough to cover two-and-a-half years of demand. Meanwhile the price of the drug has slumped as legal and illegal cannabis distributors grapple for market share. The stockpile suggests that one year after Canada became the first large economy to allow nationwide recreational use of cannabis, the industry has overestimated how much the country’s pot-smokers can burn through — and underestimated the illegal market’s ability to respond to competition.”Don’t do it, New Zealand.#saynopetodopeWarehouses in Canada are piled high with unsold marijuana after cannabis producers overestimated demand for the drug, which was legalised a year ago.Across the country, cannabis inventories came to almost 400 tonnes at the end of August, enough to cover two-and-a-half years of demand, according to the latest government data.Meanwhile the price of the drug has slumped as legal and illegal cannabis distributors grapple for market share.The stockpile suggests that one year after Canada became the first large economy to allow nationwide recreational use of cannabis, the industry has overestimated how much the country’s pot-smokers can burn through — and underestimated the illegal market’s ability to respond to competition.“There is a huge surplus of cannabis just for domestic demand,” said Matt Bottomley, analyst at Canaccord Genuity.Canopy Growth, a company listed in Toronto under the ticker WEED, said it harvested 40,570kg and wrote down C$15.9m ($12m) worth of inventory in the three months to the end of September.READ MORE: https://www.nzherald.co.nz/index.cfm?objectid=12288036&ref=twitterKeep up with family issues in NZ. Receive our weekly emails direct to your Inbox.
Boyd broke through with a career-best 31 points and tied a Broncos’ record seven three- pointers, Cook added 22 points and the Broncos rebounded in a big way with a 99-76 win over Cal State Stanislaus at Kellogg Gym. The victory keeps Cal Poly within striking distance in the California Collegiate Athletic Association standings. POMONA — Greg Kamansky locked himself and his coaching staff in his office until 1 a.m. in search of answers after Cal Poly Pomona’s upset loss to Chico State on Friday. Jonathan Boyd and Dion Cook provided an easy solution Saturday. AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREGift Box shows no rust in San Antonio Stakes win at Santa Anita “It was the result of team basketball,” said Boyd, who shot 9-of-11 from the field, 7-of-9 from beyond the arc and hit all six of his foul shots. “I was just fortunate to get some open looks and knock them down. . . . I just go out and play. I don’t look for career numbers. I just look to play in the parameters of (Kamansky’s) offense and defense.” Both aspects, of course, require the team cohesiveness that the Broncos (8-5, 4-2) lacked in Friday’s 76-61 loss to Chico State. Former Montclair standout Larry Gordon turned in his first career double-double (13 points, 10 rebounds), Billy Hofman dealt 10 assists and Cal Poly (8-5, 4-2) shot 60.8 percent from the field and 75 percent from the foul line in winning for the fourth time in five games. “We’ve got a tough three games on the road, we needed this win,” said Kamansky, whose team plays at fellow defending conference co-champion Cal State San Bernardino. “We just have to focus on one game at a time.” 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!