Two North American business groups signed a memorandum of understanding to support Canadian and American companies seeking to capitalize on the growth of the international cannabis market.
The agreement between the Canadian Chamber of Commerce’s International Cannabis Council and the American Trade Association for Cannabis and Hemp (ATACH) will support businesses on both sides of the border, the organizations said in a news release.
“The future of the global cannabis trade will be driven by Canadian and U.S. companies, and this landmark agreement will help provide leadership, marketplace advocacy and foster relationships between the world’s leading cannabis economies,” Michael Bronstein, president of ATACH – a cannabis industry trade organization – noted in the release.
In a statement to Marijuana Business Daily, the Canadian Chamber of Commerce said the support will include:
- Creating international business opportunities through joint advocacy with international organizations on North American approaches to legalization, such as the Organization for Economic Co-operation and Development and the World Health Organization.
- Assistance in engaging with business market entry initiatives in the United States and Canada.
- Representation in building business standardization in North American marketplaces.
- Coordinated advocacy and representation to international trade organizations.
The next step will be working with parliamentary and congressional cannabis caucuses to set up a cross-border meeting, via Zoom, on issues of importance to the Canadian and U.S. cannabis industries.
The date for that initiative is still to be determined.
The International Cannabis Council is part of the Canadian Chamber of Commerce’s National Cannabis Working Group.
The National Cannabis Working Group – an offshoot of the Canadian Chamber of Commerce – formed the International Cannabis Council earlier this year to address headwinds and opportunities for regulated cannabis businesses.