Canada’s largest business association is throwing its weight behind the cannabis industry.
Canada must do more to realize the full economic potential of the country’s marijuana sector, according to the Canadian Chamber of Commerce.
The Chamber has established the National Cannabis Working Group to advocate on businesses’ behalf to improve the sector’s competitiveness.
“This partnership will not only help us foster responsible growth and innovation in the sector, but will also help us tell the story of an industry that has invested millions of dollars in communities nationwide and has created thousands of new jobs for Canadians,” Greg Engel, Organigram CEO, told Marijuana Business Daily. Organigram is one of the founding members.
“While Canada has a lucrative opportunity with our head start in the nascent global cannabis industry, we need a public policy environment that will help maximize the full economic potential of the sector,” group co-chair and Chamber cannabis policy lead Ryan Greer said in a news release.
Buoyed by a massive influx of capital from investors looking to cash in on the market’s potential, Canadian medical marijuana companies have invested heavily to establish beachheads in more than two dozen countries.
However, few have turned a profit so far, causing impatient capital and investor interest to shift to higher-potential companies in markets such as the United States.
“Creating awareness about the opportunities that exist within the burgeoning cannabis sector both in Canada and globally is a message we are looking forward to sharing with Canadians,” said co-chair Nathan Mison, vice president at Alberta-based retail chain Fire & Flower Cannabis.
The working group will consist of cultivators, processors, retailers and ancillary sectors such as financial and legal services “to tackle public policy issues from all sides of this new industry.”
So far, the cannabis working group is comprised of:
- Cannabis Compliance
- Clark Builders
- Deloitte Canada
- Dentons Canada
- Fire & Flower
- Harvest One
- Hexo Corp
- Lift & Co.
- Rolling Greens
- Yardstick Testing and Training
- Canopy Growth