Welcome back to our weekly round-up of cannabis news stories. It’s been a busy week in the green economy and culture and things on both sides of the border have been heating up.
This week has the Senate issuing a delay recommendation, the Prime Minister’s response, TGOD’s IPO, pot vs ice cream sales, and more.
These are the stories of April 28 to May 3, 2018.
Here is our weekly roundup of the top cannabis news
The Senate Committee on Aboriginal Peoples released its report and recommendations for the Cannabis Act (C-45).
Among the list of policy recommendations is the request that the Government of Canada delay legalization by one year.
Citing a lack of proper consultation with First Nation’s leaders, the report wants more autonomy for Indigenous communities in deciding how to distribute and control cannabis use.
The committee also worries about lack of funding for addiction services and community education on the substance.
“There are no residential treatment centres in Yukon, the Northwest Territories or Nunavut,” says the report.
It recommends that cannabis legalization be coupled with investments in education, treatment and research, as well more investments made in training police and drug recognition experts.
Speaking to the press on Thursday, May 3, Canadian Prime Minister Justin Trudeau made it clear that he intends for there to be no more delays in legalization.
Flanked by the Prime Minister of Portugal, Trudeau took time to acknowledge the report.
“This is not an event, this is a process,” He said yesterday. “We will continue to work with our partners in the municipalities, in provinces and Indigenous leadership in communities to make sure we’re doing this right and moving forward in a responsible way.”
While the two may go well together, the demand for cannabis has surpassed that of ice cream in the United States.
Marijuana Business Daily has issued a reporting that estimates that the total demand for marijuana, including the black market, is $45-$50 billion annually. Ice cream sales are only $5.1 billion per year.
“If the federal government legalized marijuana nationwide, sales might start out at around that level but would likely quickly rise as cannabis gained mainstream acceptance and the market evolved,” said the report.
Ice cream isn’t the only one falling behind either. At this estimate cannabis sales also tops movie tickets which make a $11.1 billion annually, and snack food like Doritos and Cheetos which earn $4.9 billion a year – though it’s likely their sale would get a bump with legalization.
Cannabis producer The Green Organic Flying Dutchman opened the Toronto Stock Exchange on Wednesday, and made their initial public offering (IPO).
Moving 31,510,000 units of the Company at a price of $3.65, the LP managed to rack up an impressive total gross proceeds of $115,011,500.
The Green Organic Dutchman is a research & development company licensed by the government to cultivate medical cannabis. This is done from its facilities in Ancaster, Ont.
The company grows high quality, organic cannabis with “sustainable, all-natural principles.”
Currently, the company is building 970,000 sq. ft. of growing space in Ontario and Quebec.
As the demand and interest in cannabis increases, proper education and training is required for those who dream of growing up to work in greenhouses.
Starting in July, Olds College will teach the horticultural skills needed to work in the industry.
The coming cannabis cultivation program will also teach students how to understand and navigate the complex regulations that control the industry.
The course will run for 2 1/2 months and will include an online component before ending with two weeks of hands-on experience at a cannabis production facility.
Olds College is partnering with Sundial Growers in Airdrie, Alta., and Terra Life Sciences in Olds to provide the work experience.