The 3 main industries to enter the marijuana market
It’s official, after October 17th cannabis will be legal for recreation purposes in Canada, and just as it has been expected, 3 precise industries are already planning their business in relation with what is considered to be a “green” gold mine.
The idea that current marijuana consumers in Canada will switch from alcohol to cannabis after October 17th is real. While envisioning how the market would function in some years, the young generation will grow knowing they will buy marijuana when they become adults. This could mean a drastic drop on alcohol consumption, and as the saying goes “if you can’t beat them, join them.”
Molson Coors Brewing has announced a joint venture with Quebec-based Hydropothecary Corp, to possibly operate a nonalcoholic, cannabis-infused business, and there has been some rumors that Diageo might also enter the cannabis market.
Other industries investing in the cannabis market
The tobacco industry will have to expand their offer and to get ahead of the future, just like anyone would do during such revolutionary changes.
The industry has experienced steady declines on sales with anti-tobacco campaigns all over the world. Therefore, it is understandable why tobacco brands such as the U.K.-based Imperial Brands would be interested in investing on the marijuana market. The brand has already set up a partnership with the Oxford Cannabinoid Technologies (OCT) to prepare for the future.
With the ongoing patent competition on key products and Trump pressuring pharmaceutical pricing power in the U.S, this industry is urged to legalize marijuana for medical purposes.
There has been a recent approval for GW Pharmaceuticals’ Epidiolex, which works as a treatment for childhood-onset epilepsy with cannabidiol. This is the first cannabis-derived drug in the U.S.A.
Don’t drink and drive. Enjoy responsibly