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Soaring expectations for Canada’s cannabis industry are being tempered in some quarters after licensed producers reported what for the most part were underwhelming financial results in the first post-legalization period.

Over the past few months, the biggest cannabis companies in the country — Canopy Growth Corp., Tilray Inc., Aurora Cannabis Inc., Aphria Inc., Cronos Group and CannTrust Holdings Inc. — have been reporting earnings reflecting the early months of recreational sales, presenting the first picture of the state of the market across the country. In some cases, the sales figures were microscopic in relation to the valuations the companies are carrying.

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Sales and revenues have been absolutely horrible post-legalization Jason Zandberg, a special situations analyst at PI Financial

“Sales and revenues have been absolutely horrible post-legalization,” Jason Zandberg, a special situations analyst at PI Financial, told the Financial Post in a recent interview. “Clearly the market is overpriced and many of these companies have gotten ahead of themselves in valuations.”