The COVID-19 pandemic is likely to force at least a dozen cannabis companies to file for bankruptcy as available liquidity dries up, according to Tilray Inc.'s chief executive officer. 

"I've actually been surprised by the dozen bankruptcies that have already happened," said Tilray CEO Brendan Kennedy in a phone interview with BNN Bloomberg. 

"Based on the calls that I'm getting, I'm expecting another dozen more as funding has dried out,” he added. “If companies haven't already strengthened their balance sheet, they've got a hard road ahead."

Workers won’t begin planting nearly 20,000 marijuana plants outside WeedMD’s Strathroy greenhouse until early next month, but preparations already are underway for the company’s second outdoor cannabis crop.

WeedMD, a London-headquartered firm – with operations in Strathroy, Aylmer and Bowmanville, east of Oshawa – was one of the first pot producers to grow cannabis outside last year after the government lifted its ban on outdoor cultivation.

Now, head of cultivation Curtis Wallace is taking the lessons learned last year to ensure this season’s crop is the best.

Only seven strains of cannabis are being planted on the 11-hectare farm – formerly an organic asparagus farm – down from 38 varieties last year, Wallace said.

Marijuana stocks have been in quite a volatile mode for some time now. In only a few short months, we have witnessed the leading pot stocks both climb and fall by substantial numbers. While a lot of this has to do with the effects of the coronavirus, the cannabis market itself definitely should take part of the blame. The coronavirus has caused a very interesting situation in the cannabis industry.

Higher education is one of the industries hit hardest by COVID-19. Colleges and universities across the U.S. are bleeding revenue, as they’re forced to furlough employees and send students home.

Canopy Growth Corp. said Monday two top executives have left the company, as part of a management shakeup led by the cannabis producer’s new chief executive who is looking to put his own mark on the pot giant.

A spokesperson from the Smiths Falls, Ont.-based company said that Andre Fernandez, its chief operating officer, and Dave Bigioni, the chief commercial officer, have mutually agreed to exit the company. 

"Canopy has engaged an executive search firm to fill the roles of COO and CCO to lead the business forward," said Jordan Sinclair, vice president of communications at Canopy Growth, in an email to BNN Bloomberg. 

Large cannabis companies Aurora Cannabis Inc. and Tilray Inc. are set to report earnings this week, providing more detail on how the COVID-19 pandemic is affecting pot sales and the companies making the product.

Tilray Inc. experienced a rocky first quarter as it grappled with losing 10 per cent of its workforce through layoffs and then the restructuring of its operations.

The Nanaimo, B.C.,-based cannabis firm, which reports its earnings in U.S. dollars, said Monday that its net loss for the period ended March 31 amounted to $184.1 million or $1.73 per share.

That compared with a loss of $29.4 million or $0.31 per share in the same quarter last year, but was a 16-per-cent improvement from the $219.1 million or $2.14 per share loss in the fourth quarter.

Despite nationwide advances in the legalization movement, cannabis is still not fully accepted among many demographics. One group that has often shown an understandable resistance to the advance of marijuana in society is the one composed of mothers: What if my kid gets their hands on pot? What if I get too high and can’t respond in case of an emergency? What if…?

However, many mothers have cozied up to the idea that cannabis is no devil’s lettuce, no gateway drug, and that consuming it, or even making a living off it, will not make them worse mothers.

Many of the high-flying pot stocks of not too long ago are now among the biggest losers in today's volatile market. However, there are still promising picks in the cannabis industry for long-term investors.

For growth investors, the Canadian pot market has been one of the most appealing investment opportunities in the world, but it's also one of the most frustrating. It presents a whole lot of opportunity because it's the only country other than Uruguay that's legalized recreational marijuana.

However, the rollout since legalization has been less than ideal as supply issues have plagued the industry from the start and high pot prices have made black market products more attractive to price-conscious consumers. Analysts have been downgrading their expectations for the market due to these challenges, and a top Canadian is just the latest to cut its projections.