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Canada Readies to Unlock Billion Dollar Legal Marijuana Industry
Written By: Jen Neville
June 21, 2018
Big news to the north as Canada has become the second nation in the world to legalize marijuana. After the Senate passed a "historic" bill on Tuesday, recreational marijuana use will soon be legal in the country. The Canadian Bill C-45, also known as the Cannabis Act, originates from a campaign promise by Prime Minister Trudeau to keep marijuana away from underage users and reduce related crime. The Prime Minister announced on Wednesday that Canadians will be able to consume marijuana recreationally without criminal penalties starting on Oct. 17, 2018 – many months later than the government's initial target date. With sales beginning soon the economic impact will likely be quite significant. Canada's cannabis market will pass $7 billion by 2019 and legal sales will make up more than half that amount, according to a report this month by Deloitte. Active Cannabis companies today include: MYM Nutraceuticals Inc., Cronos Group Inc., Aphria Inc., Aurora Cannabis Inc., The Supreme Cannabis Company, Inc. BREAKING NEWS: MYM Nutraceuticals is pleased to announce that, together with the Mayor of Weedon, Mr. Richard Tanguay, have officially broken ground on the construction of its 1.5 million square foot greenhouse project in Weedon, Quebec. Work has started on clearing the land and constructing two buildings, including an initial greenhouse that will be used to support the request for certification to Health Canada which is part of the current license application. This phase will be completed by the end of 2018. The Weedon mayor expressed his elation to see that construction has finally began. "The municipality of Weedon will become one of the most important production sites for medical cannabis in the world. Thinking of all the new jobs and businesses that the facility will bring to the region fills me with hope. I couldn't be happier than today." The Chairman of the Board for MYM Nutraceuticals, Mr. Erick Factor, was delighted to see the project taking shape. "Since the announcement of this project in June 2017, we have spared no effort to achieve this goal as quickly as possible. Today we take the first step in helping Quebec get its fair share of cannabis production in Canada. We will emerge as a powerful engine for economic development in the region by creating 400 new direct jobs while generating significant tax revenues for the government of Quebec and Canada. We are proud to be here in Quebec and Weedon, the hospitality of the Eastern Townships has been incredible. A heartfelt thank you to everyone involved." MYM's CEO, Rob Gietl, added that "MYM Nutraceuticals is currently building three large scale production facilities in Canada and Australia. Once completed, these three projects will provide the company with 2.7 million square feet of production surface." Mr. Gietl also mentioned very impressive numbers from an MYM commissioned Deloitte study, "Over 1900 fulltime equivalent jobs will be created in Quebec, with 400 direct jobs at the greenhouses here in Weedon alone. For Québec, the economic impact over a fifteen-year period is estimated at $2.2 billion in addition to the construction costs." Mr. Gietl explained that the Quebec and Canadian governments will receive significant tax revenues. Over 15 years, these projects will generate tax revenues of $495 million for the Quebec government and of $280 million for the Canadian government.
More developments on this story… Aurora Cannabis Inc commented on the granting of Royal Assent to Bill C-45, the Cannabis Act. With Royal Assent received, the legislation legalizing cannabis for adult consumer use has now passed its final official step, and retail sales are to commence October 17, 2018, as announced by Canada's federal government. "The granting of Royal Assent today ends nearly a century of cannabis prohibition, marking a truly historic moment for all Canada, for Canadian public policy, and for this country's cannabis sector," commented Terry Booth, CEO. "International delegates have been coming to Canada for years to study our medical cannabis system, which is globally renowned for its efficiency and success. Canada's legal framework is increasingly serving as a model for other countries looking to implement their own medical cannabis legislation. With the Cannabis Act, Canada further establishes its global leadership as the only G7 country to legalize adult consumer use. The federal government has provided intelligent and rational public policy focused on clearly defined objectives that will reduce the negative impact of prohibition, while establishing a well-regulated system designed to protect youth, public health and public safety. Aurora is proud to be a leader in this new industry, both as a producer of high-quality cannabis, and as an advocate for fairness and justice, including amnesty on past non-violent cannabis-related offenses, and on achieving tax-exempt status for medical cannabis." Mr. Booth continued, "Aurora is executing on a broad, deep and innovative consumer market strategy, supported by massive production, extensive distribution channels and strong brands. With production at our facilities, including Aurora Sky, ramping up very rapidly, we look forward to provide this large and exciting market with an excellent portfolio of Aurora Standard products, ensuring unique user experiences to a new group of customers from October 17, 2018 onwards."