Congratulations Canada, you did it. A year and some change after Prime Minister Justin Trudeau first announced it, recreational cannabis is legal and for sale in dispensaries across Canada. This marks the first time a major world economy has ever legalized cannabis across the board. Everyone is waiting with bated breath to see how Canada fares under legalization.
American investors and CEOS of large American corporations are watching to see how successful the program is so they can determine how much money there is to be made. Proponents of legalization will be watching to see how Canada handles legalization with regard to crime, medical incidents, tax levies, etc. Opponents of legalization will be watching to see if Canadian cannabis slips and falls on its face. One question that is on everyone’s minds is this: what does Canadian legalization mean for the future of the cannabis industry?
Will the US Follow Canada?
The question that is being asked the most is whether or not the US will follow suit and finally remove cannabis from its list of controlled substances listed in the Controlled Substance Act. The US government has always been hard nosed in its stance against cannabis, but recent acts might be showing a change of heart. The Trump administration has asked for public comments regarding rescheduling cannabis, and the DEA recently moved to take FDA approved CBD drugs off of schedule I and move them to schedule V. This could potentially lead to relaxed rules regarding researching cannabis, in particular CBD. Secondly, more US states such as New Jersey and New York are considering legalizing recreational cannabis as well.
One final thing to consider is that more and more major American corporations are showing interest in getting involved in the cannabis industry, and are partnering with Canadian cannabis companies to make this happen. Other companies, such as Pepsi Cola have shown interest in cannabis, but balk at the idea of getting involved because of legality in the US. Knowing how much sway corporations have with the US government, one can speculate that if enough of them lobbied for legalization, the government would acquiesce. This could be a possibility if legalization in Canada proved to be a success.
Other Countries Could Follow
It’s not just the US, other countries will also be keeping a close eye on Canada to see if legalizing cannabis would be in their best interest. Countries in Europe where cannabis is decriminalized, but not legal may see the benefits of developing a cannabis based economy of their own, especially once they see how well Canada’s is doing.
Cannabis Takes Over the World
We have every reason to believe that now that one major world power has legalized cannabis, that others will follow in their footsteps. Once more major countries such as the US, Britain, and so forth have legalized, cannabis has the potential to become the biggest cash crop in the world. I for one am very excited for the future.
Or It Could Go the Other Way
So far things are not off to a great start for Canada. Reports are already coming in that there is no way that supply can possibly meet demand. Licensed distributors are reporting that product will be short nationwide, both online and in dispensaries. Running out of weed seems to be a rite of passage for any legal market. Of course the Canadian cannabis shortage will be on a much larger scale and will inconvenience a lot more people. It doesn’t help that police keep raiding Canadian dispensaries. Police raided two dispensaries in Halifax Friday, with less than a week to go before the market went live.
Smoke up Canada! You earned it!
Image Source: Fox 13
What does Canadian legalization hold for the future of cannabis. Is the future promising, or more ambiguous? Tell us your thoughts below!