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Canadian marijuana producer Cronos Group started trading on the Nasdaq on Tuesday, marking a big step for the cannabis industry.
Cronos is the first pot producer and seller to trade on Wall Street, though other companies with indirect relations to cannabis are trading.
“We’re the only pure play marijuana company” to be traded on a U.S. exchange, Cronos CEO Mike Gorenstein told CNN.
Analysts called the development a milestone for both Toronto-based Cronos and the entire cannabis industry.
“We imagine the SEC would have gone through a very thorough review/vetting process before allowing a cannabis company to list on a major U.S. exchange,” Vahan Ajamian, an analyst for Beacon Securities, wrote in a note to investors.
In a new Global News series, we’ll be taking a deep dive into marijuana legalization. Watch the video above for a province-to-province look on how you will be able to buy recreational pot once it’s legalized. <> where can i buy weed in canada legally
Recreational marijuana in Canada is on track to be legalized in July 2018, but there’s a real mix of approaches across the country when it comes to regulating it and selling it.Across each province, there are still many lingering questions such as where Canadians can buy pot, how much it will cost and the kinds of cannabis products that will be available to the general public.
The marijuana industry is growing like a weed in North America. ArcView, one of the leading cannabis research firms, has suggested that legal weed could grow by 26% on an annual basis between 2016 and 2021, leading to nearly $22 billion in annual sales. Even with regulatory restrictions, there’s presumably a lot of money to made, which is why investors have piled into marijuana stocks and pushed their valuations substantially higher.
Of course, no two cannabis markets are alike. For instance, even though U.S. legal weed sale are expected to soar in 2018 as a result of California opening its doors to adult-use sales, the environment isn’t conducive to investor success. The federal government has dug in its heels and refused to budge on its Schedule I classification — this means pot is wholly illegal, prone to abuse, and has no recognized medical benefits — and Attorney General Jeff Sessions is effectively waging war on the industry.
Meanwhile, Canada is leading the charge in pot progressivism. Canada legalized medical cannabis back in 2001, and it’s on track to possibly legalize the sale of recreational pot to adults by this summer. Doing so would make Canada only the second country in the world, behind Uruguay, to have legalized recreational marijuana. It’d also add billions in annual revenue for growers and other cannabis companies along the supply chain.