Has Canada’s Potential To Become A Global Cannabis Leader Gone Up In Smoke?
So following recreational legalization in Canada, a lot of people thought that Canada would become the largest leader in cannabis. Unfortunately, this doesn’t seem to be the case.
Since policy innovation is nowhere to be seen, provincial regulations and terrible restrictions on marketing and branding are running rampant in the nation. Canadian cannabis companies are way behind America’s cannabis sector as a result of these issues. And according to Neil Selfe, the founder and chief executive officer of Infor Financial Group Inc., the gap is only getting larger.
Selfe is quoted saying, “I think we had a real chance to be global leaders.” The keyword here is “had.” Just eight months following the legalization of recreational cannabis in Canada, Canopy Growth Corp. is now the sole Canadian company working as a global cannabis leader. So far, the big U.S.-focused firms are moving way faster than the other Canadian cannabis companies, even with the plant still being prohibited at the federal level.
According to Selfe, “It’s a real consumer product in big U.S. states where it’s legal, and it isn’t that way yet in Canada despite the fact that we were first.” The branding doesn’t exist, he claims. “It’s almost like you’re buying something dirty in brown paper bags. It’s like liquor in the ‘60s.”
At this point, CBD is becoming increasingly popular in the U.S. This is the non-psychoactive cannabinoid that helps people with a variety of ailments. Big U.S. retailers are already distributing CBD products such as topicals, oils, and lotions, but those aren’t legal in Canada just yet. The only products distributed in Canada are oils and dried flowers, and they must be purchased in dispensaries.
What do you think? Does Canada still have a chance of becoming a global cannabis leader? Or has that ship sailed?