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Two short years ago, the cannabis industry was frothy with cash. In 2018, US venture capital investment in cannabis companies topped $900 million, and the combined value of roughly 200 merger and acquisition deals was more than $15 billion—more than a third of which came from tobacco and alcohol companies. The moment was often compared to the dot-com bubble of the 1990s—as was the bust that followed. Cowboys with ample cash and minimal expertise built a house of cards with questionable business 

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The cannabis cowboys are going corporate