Marijuana legalization may not be a top priority for the United States right now, but change is occurring all over the world.
The last two years have been very significant for the global marijuana industry and countries like Germany, Chile, Colombia, Mexico, and Uruguay have legalized medical marijuana at the federal level.
While the United States sits back, the legal cannabis industry continues to grow and is already a multi-billion-dollar global phenomenon. The upcoming meeting between an Australian delegation and Canadian federal officials in Ottawa is a perfect example of how the marijuana industry is advancing without the United States.
The purpose of this meeting is simple. Australia wants to better understand the elements that helped Canada create a very successful medical marijuana program that treats almost 200,000 registered patients.
Global Cannabis Leader to Host Australian Delegation
Aurora Cannabis Inc. (ACB.V) (ACBFF) has been making waves in the global marijuana industry and the company has executed flawlessly to become an industry leader.
The Australian delegation will spend a full day with Aurora executives and will visit its two facilities. The purpose of the visit is for a knowledge transfer regarding the regulations governing the medical cannabis sector, as well as more detailed insight into best practices relating to cultivation, production and distribution.
The timing of the visit is significant and takes place six-weeks after Cann Group Limited (ASX: CAN) became the first Australian company to be licensed by the Office of Drug Control for commercial medical cannabis cultivation and production.
Cann Group’s expansion project is fully funded and the company is focused on completing the buildout of its facilities, securing licenses for expansion purposes, and executing on its business plan. If everything goes to plan, the company expects to harvest its initial crop in early August.
In early 2016, Aurora started to ramp up its investments and the company has made strategic investments since then. In March, Aurora acquired 19.9% of Cann Group and became the cornerstone investor ahead of its initial public offering (IPO).
An Exciting Time for the Global Cannabis Industry
The legal cannabis industry is just starting to expand and we think this is the first of many cannabis focused meetings featuring high-ranking country officials. Australia’s Victorian Minister for Agriculture, Jaala Pulford said:
“This visit to Canada presents an eye-opening opportunity to learn from the best in the industry. Australia’s medicinal cannabis industry is in its earliest days, and the knowledge that has been gained in Canada over recent years will help guide us and take us forward. Partnerships like the one between Aurora and Cann Group will play a critical role in establishing best practices and developing Australia’s newest economic sector. Victoria’s involvement in the medicinal cannabis industry is in its early phases and we are keen to find out from other, more established markets what some of the opportunities and challenges are.”
A Story to Watch
This is a very interesting new development for the legal cannabis industry and we will keep an eye on developments as the situation progresses.
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Source: Technical 420