The legalization of marijuana has been a hot topic in Canadian business news. Ontario has released a plan about how it will handle the substance under provincial business law. Others across the country and around the world are looking at how the marijuana industry, valued at $23 billion, will operate and be legislated.
The value of the industry is expected to come from an increase in retail sales, transportation, security, taxes and tourism. Depending on how business law in Canada manages the substance, the country could be on the forefront of a global trade related to cannabis. Federal regulations, laws and bylaws all need to be created to allow for both economic opportunity and safety across the country.
Ontario has announced a plan to distribute marijuana out of government-owned stores. Analysts note that this system may have trouble competing with underground black markets. Other provinces may consider working with existing markets to try to move more people to the legitimate trade. Companies such as Alberta’s Aurora Cannabis are actively recruiting workers from the underground drug trade in order to compete and understand cannabis culture.
While some people are focused on how business law will legislate distribution, others are paying close attention to production and trade opportunities. Ontario-based producer Nutritional High is expanding to Colorado to produce cannabis products including chocolates, candies and topical creams. The legalization of edibles is another key topic for lawmakers as the government invests in education, policing and testing to make way for the newly legalized substance. Those with questions about the legality of a pot-related business should speak to a lawyer regularly as laws and plans solidify.