By Matt Lamers The birth of the legal cannabis industry in Canada is akin to the gold rush, but very few cannabis companies will live up to their lofty expectations, according to a new report from one of the country’s largest banks. CIBC World Markets, a subsidiary of the Canadian Imperial Bank of Commerce, made the sobering assessment Friday in a report in which it also initiated coverage of Canopy Growth, Cronos Group and Aphria. CIBC expects only a handful of cannabis companies to end up dominating the global market. “We believe Canopy and Cronos are likely to be two of those winners,” according to the report, titled, “The Beginning Of A Global Seismic Shift.” The report highlights several key trends in the industry such as capital flows to the United States, reversing a tendency over the past year of money moving north. “An increasing number of sophisticated investors are beginning to shift capital to U.S.-based operators,” the report said, naming as examples well-capitalized businesses such as MedMen, Green Thumb Industries, Curaleaf, Trulieve and Acreage Holdings. “But this does not mean Canadian companies will be shut out of the U.S. market,” the report continued. CIBC compares cannabis to gold rush, predicts ‘beginning of global seismic shift’

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