Some Thoughts on Cannabis in Canada
This story is supported by Indiva
Countries all over the globe are keeping an eye on the drug policy experiment in Canada - they are interested in Canada because it’s a big country and a member of the G7 countries. It is obvious that what attracts the eyes of experts who follow the news and the challenges Canada faces as it moves ahead with legal cannabis.
In order to legally cultivate medical and recreational cannabis, a Licensed Producer must follow very stringent security requirements (clearances, monitoring, theft prevention, storage), record keeping / inventory management, and very rigorous quality controls similar to the pharmaceutical industry. Canada has developed an extensive, federally licensed medical cannabis production and distribution program, which has been in place since 2001. Following the legalization of medical cannabis in 2001, Licensed Cannabis producers in Canada (Canada now has 109 licensed producers) are able to import and export their products for medical and scientific purposes.
Although no one can make safe predictions about the future here is some interesting facts to consider about the factors of Marijuana legalization in Canada.
One of the most discussed issues is marijuana related crime. Local communities worry about their security. The recent experience of US states that adopted more liberal policies related to Cannabis suggests that the new situation will result in a decline in violent crime in general. As Cannabis is a more peaceful substance than alcohol and more Canadians will chose to use cannabis we expect a decrease in violent crime. However we expect an increase in cannabis-related impaired driving arrests and then, at the same time we will expect a reduction in automobile fatalities due to reduced alcohol consumption.
Cannabis consumers in Canada are able to enjoy the benefits of legalization, and the stigma of cannabis use fades away.
Sales / Economy
There are certainly going to be a lot more private and public retail locations as the once illegal marijuana market becomes a part of the legal framework. An increase in the total cannabis consumers into both the recreational and the medical stream is expected.
The first impact of Canada’s big move will be financial. The next 2 years the recreational sales are projected to reach a level of approximately $6.5 billion, and the government will be collecting a decent 10% of taxes imposed to marijuana. Additionally each province has the right to collect a sales taxes. Legal Cannabis will generate new jobs and new companies and new stock market earnings. Investors are ready to put their money on new ideas and Nasdaq includes Cannabis Companie from Canada. Recreational marijuana is the factor to make a big difference in profits
Public Health - Opioids Use
In the U.S. alone, the economic cost of the opioid epidemic is expected to reach $500 billion from 2018 to 2020. Colorado's Chief Medical Officer Dr. Larry Wolk reassures that legalization of cannabis has had virtually no impact on public health in Colorado or other states. The opioid use on patients with chronic pain decreased by more than 60% in states with legal medical marijuana dispensaries. Several studies have shown fewer opioid addicts and overdose deaths. Canada can expect to harvest the benefits of replacing toxic opioid drugs with a much safer natural substance.
Fears of kids on Pot
In Colorado there has been no increase in cannabis use, especially in young people. Experts in cannabis science say there is much still to be learned about the effects of THC on teenage brains and a surge in research in the coming years is likely to fill in many of the blanks.
In the meantime, the Canadian Paediatric Society is offering parents a guide on the various risks specific to young people, including new guidance on what to do in case of an accident (for example if a child unintentionally ingests cannabis products purchased by their parents).
Education improves Quality
The future of a Legal cannabis market in Canada will be slowly driven by the demand for quality products. Consumers will be free to learn, test without fear, and experience various products, and several ways of consumption. As a result the consumer will appreciate and look for the best quality.
Some analysts believe that Trudeau has upset a lot of people with legalization and that is possible that many Conservatives want to fight back at the federal elections and they would like to see the legalization fail. But that is just a possibility. The fact is that many Canadians love cannabis, and they are lucky to experience a drug policy that adopt evidence-based approaches informed by science and logical reasoning.