American marijuana industry leaders are looking at the impending legalization of recreational marijuana in Canada as a potential asset, rather than a threat to their own businesses. “Anything that moves the conversation forward in terms of legalization is a broad positive,” Hadley Ford, managing partner of New York cannabis-centric holding company iAnthus Capital, said.
Industry insiders expect that a successful rollout of a legal Canadian market will boost investor confidence in the global cannabis market, which will in turn benefit American canna-businesses. “From a capital formation perspective, anything that raises the awareness of the cannabis sector – and full rec gets everyone’s attention – that’s a good thing,” Ford said. “In Canada, that’s going to bring in more investors, which . . . should have a spillover effect in the United States.”
Unlike in the U.S., where medical professionals find it difficult to obtain funding for cannabis research, Canadian companies will be free to explore new medical marijuana research. Licensed marijuana producers are already partnering with Canadian universities to research new growing techniques and therapeutic uses for cannabis.
Ontario-based ABcann Global is one such business that has partnered with the University of Guelph to research cultivation techniques that could eventually lead to growing weed in outer space. The company has already made progress as they are “a research-driven company,” according to founder Ken Clement. Recreational legalization will make it easier for ABcann, or any other Canadian researcher firms, to investigate any aspect of cannabis that they see fit.