Task Force Finalizes Report on Marijuana Legalization
As November came to a close, Prime Minister Justin Trudeau’s promise to legalize marijuana took one step closer to becoming a reality. Members of a nine-member task force finalized its report on recommendations for the government as it weighs a regulatory framework. Although the report has still not been publicly released, those companies that are already in production of marijuana aren’t waiting for that report to be released.
As legalization of marijuana comes closer, there’s the potential for large amount of business, and, in turn, a potential for profit. A study from business services firm Deloitte estimates marijuana sales are estimated to be, even initially, 5 billion dollars in Canada, annually. Top-valued companies such as Organigram, Aurora Cannabis and Aphira, who have all been around for years producing for the medical marijuana community, stand to see huge growth with the new legalization rules set to drop in 2017.
A Giant Turned Colossus
Along with the aforementioned companies, there is one in particular which sees the tidal wave of medical marijuana and it making sure it has its feet planted on solid ground — Canopy Growth Inc. With a recent acquisition of Mettrum Health Corp., large growth in the U.S., do to a rapid expansion on states that have legalized marijuana, and expansion into Australia, Canopy now has the largest market share of marijuana producers in Canada, if not the world.
With the looming legalization, and the task-force-report recommendations, the marijuana industry has gone from humble compassion club to financial juggernaut in a matter of months, and it doesn’t show any signs of slowing down. Although big business, the marijuana boom is about to happen and its advocates couldn’t be happier.