Canada shot the opening shot in the global cannabis regulation arms race. On October 17, 2018, Canada was the first G7 country to legalize cannabis, an act that seemed like the start of a chain reaction: Germany, the U.K., Denmark, Thailand, Greece, Australia, and New Zealand were only some of the countries that subsequently announced they would consider full or partial legalization while in the meanwhile approving medical cannabis. A year later, in October 2019, Canada took it a step further when it legalized the use of cannabis in edibles, concentrates, and topicals.
The Canadian government has forecasted that cannabis will account for 6% of the country’s gross domestic product (GDP) by the end of 2019. But Canadians are no longer as optimistic, especially on Canada’s east coast, which has less cannabis-based businesses than its west coast.
Cannabis cultivator Stevens Green, incorporated as 9869247 Canada Limited, invested 28 million Canadian dollars (approximately $21.11 million) in its growing facility, located in Stevensville, Ontario, CEO Jennifer Maccarone told Calcalist in a recent interview. The company’s facility, which opened its doors in July, is the largest wholesale cultivation indoor facility in the area, and Stevens Green is already planning another one nearby at a similar investment. They are the only large company around currently, with the rest being mom and pop stores of local farmers that charge high prices to maintain their small-scale operations, Maccarone said.
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