Article by Craig Lord, Ottawa Business Journal
The Ottawa-based CEO of one of Canada’s largest marijuana firms is lauding yesterday’s federal report that recommends how the Liberal government proceed with its plans to legalize pot.
Several of the task force’s key suggestions – such as plain packaging and allowing mail-order sales – are aligned with Canopy Growth Corp.’s(TSX:CGC) existing business model that’s seen the Smiths Falls-based company capture a significant share of the country’s current medical marijuana market.
Meanwhile, the recommendation that customers as young as 18 be allowed to purchase marijuana for recreational use means there are more potential customers for companies such as Canopy than if the task force adopted the advice of the Canadian Medical Association to restrict sales to individuals above the age of 21.
Prime Minister Justin Trudeau stopped short yesterday of promising to adopt all of the report’s recommendations but defended his government’s policy direction while speaking in the House of Commons.
In the wake of the federal pot task force’s recommendations, which yesterday sent shares of Canopy Growth Corp. upwards, Canopy Growth CEO Bruce Linton is feeling pleased about the future of legal marijuana in Canada.
“I think for us in the sector, it gave more clarity and certainty to the people who want it,” he says. “In our world, certainty is a helpful thing.”