How Patrick Industries is going to become a major player in the cannabis industry
Posted On June 13, 2021
Patrick is the world’s largest cannabis producer and retailer.
The company has made headlines in the past year for developing the cannabis oil, which is used to treat patients with nausea and other medical conditions.
Patrick’s oil is being used to help alleviate some of the side effects of cancer treatment and other ailments.
It also is being tested for its ability to help reduce the risk of colon cancer.
Patricks stock is up about 7 percent this year.
But the company’s success has come at a cost.
In 2016, Patricks’ revenue hit $2.6 billion, according to a filing with the Securities and Exchange Commission.
It’s now worth about $9.3 billion.
Patricks has made a lot of money.
In 2016 alone, it made a profit of $1.4 billion.
But this year, it is struggling to make money on the business.
It lost $2 million last year and is $9 million short of its 2016 goal of making a profit.
Patriots chief financial officer, Mark Mays, told Bloomberg that Patricks had made more than $8 billion in profits.
“We’re in a good place financially,” Mays said.
Mays added that Patrick had a long-term plan to grow its business.
He added that it would be “a challenge” to grow it if it didn’t find new ways to get out of the “black hole” that is cannabis.