Entrepreneurs in Canada’s new marijuana market are cutting deals and making preparations as they await time clock down to the day when recreational cannabis is fully legalized. Canada now has the potential to grow a global business through exporting marijuana, its derivatives and the technology needed to grow it.
As it stands, cannabis sales are already making billions and employing thousands of citizens on the black market, although it has only been benefiting criminal cartels. However, Corporate Canada is planning to take over the cannabis business and make the most out of it. But it won’t be smooth sailing snatching the business from the street cartels and turning it into a legitimate enterprise. It’s no wonder they are formulating new federal laws to help them combat the black market.
Doing away with the black market
Apart from New Brunswick and Ontario who mentioned that they utilize a retail framework through state-owned stores like liquor outlets, most states haven’t spelled out exactly how they sell marijuana to the public.
According to Greg McLeish, a market and financial analyst, government-operated retail channels will only help the already thriving black market bloom. McLeish further stated that instead of taking over from underground dealers, it’s a smarter idea to incorporate them into the legal system so as to assist experts in understanding the pot market.
Canada will shake the international market
Being the first industrialized country to fully decriminalize recreational cannabis, Canada is well placed to boom even in the international market. And since the internet is today’s leading marketplace, we expect to see marijuana sales go online and see more financial institutions accept Canadian merchant account applications for cannabis businesses.
The Dean of Students for University of Alberta, Kyle Murray, says this shift to legalize pot gives Canada the “first-mover advantage.” This allows her citizen’s the opportunity to invent/innovate pot products and be the first to come up with new ideas on growing/harvesting cannabis.
For instance, Four Canadian firms have already signed contracts to supply Germany with medical cannabis. While Germany has a population exceeding 80 million and lawfully trades medical marijuana, it lacks production.
We may as well say Canada’s move to decriminalize recreational cannabis will show the world what potential this cartel-dominated billion-dollar industry has.
Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No.1 Canadian merchant account Provider serving both traditional and high-risk merchants.