The chief executive of one of Canada’s cannabis producers hopes the country’s largest business association will help the industry confront its number one threat - competition from the United States.
Greg Engel, CEO of Organigram (OGI), said the scale of the cannabis business in Canada is unmatched globally thanks to its first-mover advantage among G7 nations on federal legalization. He wants the new National Cannabis Working Group to push Ottawa to safeguard that lead.
“Canada is uniquely positioned from a leadership perspective,” Engel told Yahoo Finance Canada. “We’re doing things at a scale and scope that no one else is doing.”
The Canadian Chamber of Commerce said on Tuesday that the new working group will advocate for public policies to help the industry realize its full economic potential. Organigram is among the founding members, which also include fellow licensed producers Canopy Growth Corp. and HEXO Corp, as well as Deloitte Canada and the law firm Dentons Canada LLP.
Investor interest in high-flying pot stocks has allowed Canadian firms to spread their footprints internationally, and build massive grow facilities with global demand in mind. Meanwhile, U.S. federal law limits the reach of cannabis companies and forces production to operate at state-level scale.
Read more at finance.yahoo.com