Marijuana legalization in Canada has been an ongoing debate marked by political delays. However, as the Cannabis Bill, or bill C-45, gets pushed through the Senate and the House of Commons, it is all but assured that Canada will legalize recreational marijuana across the country for adults over 18 years old, making it the first G7 country to do so. Medical marijuana has been federally legal in Canada since 2001, and the country has grown to be a top exporter of the drug for medical purposes. Canada would become the second country in the world to legalize the production, sale, and consumption of recreational marijuana, after only Uruguay.
As Canada asserts itself as the world leader in this space, we will see major impacts on Canada’s economy. Additionally, legalization by our neighbors to the north will undoubtedly affect many different aspects of the budding American cannabis industry, where medical marijuana is legal in 29 states and Washington D.C., and recreational marijuana is legal in just nine states and D.C.
Here are predictions from five American cannabis industry executives regarding the future considering this major world news:
“Canadian legalization is imminent and will likely serve as a roadmap for other countries like the United States as we hopefully move to do the same. By the time the U.S. federally legalizes cannabis, countries like Canada will serve as a solid example for the types of regulatory compliance and standardization needed. Although we anticipate increased pressure on American markets closest to the Canadian border as competition increases and we focus on keeping revenue within the U.S., the upside for equipment manufacturers in the U.S. will be high demand in Canada’s burgeoning marketplace.”
— Danny Davis, Founder and CEO of Convectium, a branding, packaging and equipment solutions company for the legal cannabis industry.