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New Years Resolutions for the Canadian Cannabis Industry

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New Years Resolutions for the Canadian Cannabis Industry December 15, 2020 New Years Resolutions for the Canadian Cannabis Industry There was a lot of economic optimism and 3. Keep telling the economic story to those excitement when Canada became the first who need to hear it. The industry has led large, developed country in the world to legalize to the creation of thousands of new jobs, recreational cannabis for adult use in 2018. While hundreds of millions in infrastructure this new industry and governments alike have investment, reinvigorated retail areas and accomplished an incredible amount in the two spurred new innovative technologies, years since, it was anything but smooth sailing for processes and products. Yet, this story is cannabis businesses even before the COVID-19 not well known by Canadians and pandemic added even more challenges. So as governments have been largely reluctant 2020 (finally) comes to a close, here are some to acknowledge the economic impacts New Years resolutions for the industry looking of the industry. The economic footprint of ahead to 2021. cannabis in Canada is continuing increase and the industry must find new ways of sharing this good news. 1. Move on from 2020. Despite being mostly excluded from government loan 4. Keep investing energy in educating programs, producers can be proud of governments and advocating for sensible keeping their doors open and employees policy changes. In a new, highly safe during the pandemic. In the face of regulated, and stigmatized sector, all uncertainty over provincial essential orders of government have been service designations, retailers fought cautious and reluctant in their approach strongly for the ability to offer curbside to cannabis policies. Issues such as retail pick-up and delivery in the provinces they restrictions, marketing and branding limits, needed to. Ancillary businesses and other licencing challenges and all kinds of red industry partners can be proud of that as tape have frustrated cannabis supply chains adjusted and withstood the entrepreneurs. The industry must continue disruptions of the pandemic. But 2020 to speak strongly with a unified voice to sucked and let’s just move on. help governments improve the most problematic policies that are holding 2. Seriously, move on from 2020. Get rid of back the regulated industry and indirectly your pandemic sweatpants (you know prop up the illegal market. the ones) and let’s take on 2021. 5. Be prepared early for the federal review markets. Earlier this year the National of the Cannabis Act. Health Canada is Cannabis Working Group launched the required to start a review of the Cannabis International Cannabis Council to support Act in October 2021 which provides an Canada’s leadership in the development important opportunity for industry and the of international cannabis trade, rules, and federal government to learn what has regulations. worked and was has not worked well through three years of recreational 8. Keep a close eye on the U.S. A recent legalization. In advance of October 2021, Gallup poll found 68% of Americans the Canadian Chamber’s National support cannabis legalization. 47 states Cannabis Working Group has launched have voted to legalize cannabis in some an industry led review of the Act. Three form (medical and/or recreational) and public consultations have already taken US President-Elect Biden has pledged to place with more to follow in the new year. decriminalize cannabis once in office. This review will inform a robust public and Continued change south of the border is political advocacy campaign. going to create more opportunities and more competition for Canadian 6. Work with governments to continue to companies. tackle the online illegal market. There are hundreds of illegal websites, from which 9. Help lead Canada’s economic recovery. Canadians continue to purchase Hundreds of thousands of Canadians untested products. These sites often have lost their jobs as a result of the appear to be legitimate and are a major COVID-19 pandemic and more contributor to the fact that roughly 40 businesses are closing their doors percent of the cannabis market share still permanently every day. As governments belongs to the illegal market. Continued look to use all of their policy levers to collaboration with governments, law support Canada’s economic recovery, enforcement, financial institutions and Canada’s fast-growing cannabis industry other stakeholders is going to be required is well-positioned to help lead this effort. to eliminate these sites as an unsafe Canada has a head-start in this high- alternative to licensed retailers. growth sector that is creating good jobs in communities of all sizes across the entire 7. Look for more opportunities in a growing country. Its time for the industry and global market. Despite some hiccups, governments to come together to realize Canada is a global leader in medical this opportunity at a time when the cannabis exports. As attitudes continue to economy needs it most. shift and countries around the world continue to advance medical cannabis Want more Cannabis talk? Listen to our podcast access and consider recreational Budding Business, available here: liberalization there is a huge opportunity Apple Spotify Podbean for Canadian companies to apply their products, services and knowledge in new 2 .
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