Canada To Establish Cannabis Industry Panel To Boost National Industry

Currently, Canada is the international leader in the global cannabis industry. The North American country was not the first to legalize cannabis, however, it was the first G-7 nation to do so and the first country on earth to allow legal adult-use cannabis sales to anyone of legal age.

Cannabis companies based in Canada now have a footprint all over the world where the legal cannabis industry is allowed to exist, either with operations in other countries or via export/import agreements with other countries.

As we previously reported, Canada’s legal cannabis industry has served as a major economic driver for the country. The legal cannabis industry in Canada has created roughly 151,000 jobs. In addition to generating new jobs across Canada, the emerging legal cannabis industry is responsible for generating over $15 billion since legal adult-use sales launched in late 2018.

The legal cannabis industry in Canada has contributed over $43.5 billion to the nation’s GDP since the start of legalization. All of this has occurred without Canada having a governmental entity dedicated to helping boost the nation’s emerging cannabis industry. That is reportedly set to finally change. Per BNN Bloomberg:

More than three years after Canada legalized cannabis, the government plans to form a strategic panel led by the Department of Innovation, Science and Economic Development aimed at engaging with industry participants and other stakeholders to help grow the country’s domestic legal marijuana industry.

The measures will likely be welcomed by industry executives and advocates who have complained about a lack of interest from Ottawa in fixing regulations that have weighed on Canada’s licensed cannabis producers, many of whom have struggled to make a profit.

If Canada’s emerging cannabis industry has experienced as much success as it has to date with virtually no help from Canada’s government, it will be interesting to see where things go now that the government is apparently set to embrace the industry.

The government strategic panel being led by the Department of Innovation, Science and Economic Development is fitting given the dynamic nature of the cannabis industry. It’s one of the very few industries where innovation, science, and economics truly intertwine and where such tremendous potential exists.