Marijuana legalization provides Canadian entrepreneurs an opportunity of a lifetime
January 10th, 2018
The prospectors in Canada’s new market are working hard and cutting deals as we steadily approach the nationwide legalization of marijuana and weed vaporizers. The Canadian marijuana industry is currently valued at more than $22 billion. This figure includes growing and retail sales, transportation, security, edibles, taxes, and tourism.
Canadian entrepreneurs could also be at the forefront of a growing global enterprise. Not only exporting cannabis, but the technology used to grow it. Marijuana sales have amounted in billions of dollars while employing many people. However, this is on the black market run by illegal criminal organizations.
The first major test for cannabis entrepreneurs is whether or not that can capture the nations estimated five million customers and take them away from the black market. “Just like any other competitor entering a new market, the incumbents aren’t going to give up easily,” says Kyle Murray, vice dean of the University of Alberta’s school of business.
Replacing the black market
Many provinces are still discussing how exactly they plan to sell marijuana and weed vaporizers to the public. The only two that have announced a retail plan are Ontario and New Brunswick. Both have agreed on government-owned stores. According to an analyst with Mackie Research Capital Corporation, they are making a big mistake. Greg McLeish things that government-run retail stores will only help the black market. “These guys have been growing for a long time,” he says, noting that price and convenience will be key in determining where people buy their weed.
When Corporate and cannabis cultures combine
Alberta-based Aurora Cannabis is one of the early leaders in the industry, among those actively recruiting from the black market. “The hybrid culture that we’ve created, that uniquely hybrid culture has been incredibly satisfying to be part of,” says Cam Battley, Aurora’s executive vice president.
He says, “Aurora is made up of suits like me, people from business backgrounds as well as people from the cannabis culture and have extensive knowledge and passion for the cannabis plant itself.” The company is currently producing medical marijuana at its 5,000-square meter facility.
More money, more jobs
The impact of legalizing marijuana and weed vapors could be large, in the area of billions of dollars and thousands of jobs. Cannabis companies that emerge will need to hire people like accountants, customer service professionals, packages, security, lawyers, etc. These same organizations will need to rent out office space, purchase furniture, pay taxes. Moreover, they need to hire a lot of new employees.
Governments are currently spending millions of dollars on education, legal authority, and testing. Labs are also receiving a boost as part of research and development. The legalization of cannabis and weed vaporizers provides the potential for many new jobs. People with the skill of recognizing the subtle different qualities of a bong rip could find themselves with a career in bud-tending. The opportunities are endless.
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