FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Pasha Brands Pens Supply Agreement with Canada’s First Licensed Outdoor Micro Cultivator, Tamara Follett.”
Pasha Brands Ltd. (CSE: CRFT) (OTC: CRFTF) (FSE: ZZD), North America’s premier craft cannabis brand house, is pleased to announce that its wholly owned subsidiary, BC Craft Supply Co. Ltd, has signed a supply agreement with Canada’s first licensed outdoor micro cultivator, Tamara Follett.
Based in Vancouver, British Columbia, Pasha Brands is a vertically integrated organization that is firmly rooted in BC’s craft cannabis industry, which boasts an international reputation. With proven capabilities in cannabis cultivation, genetic research and development, product, processing, and retail, Pasha is uniquely positioned in the new legal cannabis market through its network of hundreds of craft cannabis suppliers under the Pasha umbrella.
Pasha’s subsidiary, BC Craft Supply Co. Ltd., is developing a craft cannabis campus, which is dedicated to bringing craft quality into the newly legal cannabis market in Canada. BC Craft Supply Co. Ltd. is driven to assist craft growers in obtaining security clearance and licensing to grow as micro-cultivators, specializing in education and compliance to bring growers into the regulated cannabis supply market.
Last year, Canada made international headlines after becoming just the second country, following Uruguay, to fully legalize cannabis for both medical and recreational purposes. However, despite legalizing cannabis, Canada still faces a multitude of legal barriers that have hindered consumers and businesses. For instance, many cultivators and retailers faced limitations such as curtailed operating hours and limited licensing agreements. However, many public officials and consumers have now begun to voice their concerns regarding the criminal justice system. Many regions that are moving towards cannabis legalization build a foundation of expunging previous cannabis criminal convictions. And following the legalization of cannabis in Canada, the federal government allowed convicted cannabis offenders to apply for a pardon. In 2016, it was reported that 58% of police-reported Controlled Drugs and Substances Act offenses were cannabis-related. Additionally, according to a piece of open-source information on Canada’s politicians, approximately 250,000 Canadians are eligible for a pardon. However, after a month of accepting pardon applications, the Canadian federal government has only approved 44 pardons out of the 71 applicants. And while the legal cannabis market is projected to accelerate, the concern over the justice system has only brought forth new questions. According to data compiled by Imarc Group, the North American legal cannabis market is expected to reach USD 35 Billion by 2023 from USD 8 Billion in 2017. Additionally, the market is expected to register a healthy CAGR of 28% throughout the forecast period.
Along with Canada, other nations have based their cannabis legalization efforts on a foundation to expunge past criminal records. Notably, Mexico is moving towards legalizing cannabis as well, with a primary goal of ending the war on drugs and lowering criminal conviction rates. In particular, Mexico is a region that has been ravaged by the war on drugs, resulting in thousands upon thousands of deaths. Recently, Mexican Senator Julio Menchaca Salazar introduced a piece of legislation that would allow for legal possession, cultivation, and consumption of cannabis for personal use by adults. Similarly, Andrew Cuomo, Governor of New York, is also pushing for legalization to end the racial and ethnic disparities between the African American and Latino communities. Despite Cuomo’s active stance, his efforts have so far been unsuccessful in the state of New York. However, Cuomo did manage to decriminalize cannabis recently, making cannabis possession and use a violation, instead of a crime. Furthermore, the state of New York is also creating a process for individuals convicted of marijuana possession to have their records expunged. “Marijuana possession gives those convicted a criminal record that will follow them throughout their lives, potentially limiting their access to education, affecting their ability to obtain employment leading to a potential inability to provide for their families. The creation of a mechanism for expungement, both retroactively and forward-looking, is a step in the right direction in finally ending the heavy-handed war on drugs,” said New York Senator Jamaal T. Bailey.
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