With the Canadian Parliament’s passage of Bill C-45 earlier in June, Canada has become the first and only G-7 nation to legalize cannabis entirely, joining Uruguay as the only other country to do so. Although Canada and Uruguay have legalized cannabis entirely, the U.S. is still expected to dominate the market. Currently, only 9 states and the District of Columbia have legalized cannabis for both recreational and medical purposes in the U.S. According to a report by Grand View Research, the U.S. legal marijuana market size was valued at about USD 7.06 billion in 2016 and is expected to grow at a CAGR of 24.9% from 2017 to 2025. Globally, the market is projected to reach USD 146.4 Billion by 2025. Overtime, the market will begin to reshape itself as the recreational segment will overtake the medical component of the industry.
Cannabis regulatory rules are quickly changing, whether it is for medical or recreational purposes. Many nations are beginning to explore their options in the market. European countries like Germany have already begun implementing medical cannabis usage, while others such as Denmark and Portugal are delving into the industry. Canada’s legalization of cannabis will be a major milestone, which can reshape the industry on a global scale. Canada’s legislation is expected to be officially implemented on October 17th.
To celebrate the historic event, The Cannabis Society will be holding an event on October 17th at the Love Child in Toronto. The Cannabis Society invite-only business conferences target cannabis executives/entrepreneurs, investors and service providers. the purpose of the conferences is to facilitate transactions.
The Cannabis Society is excited to host Canada’s Legalization Party Oct 17 at @lovechildsocial. If you’d like to join the event, get your tickets at https://bit.ly/2A1VDh2.