The cannabis industry in Canada has been described by some pundits as ‘white hot’, and there’s good reason for that…
The buzz comes off the back of rumors that the government in Canada will legalize cannabis soon, and open up 120,000 acres of hemp fields for cultivation. However, cannabis companies seem to be hedging their bets on the secondary compound in the plant; namely CBD, which is considered to be the ‘medical’ compound as it doesn’t make patients high.
As Jan Slaski, a hemp researcher from Alberta told reporters, “People are excited,” adding, “We have so much hemp here already. And farmers are gearing up for more.” That said though, the issue is that currently hemp grown in Canada can only be used for its seeds, while the leaves and flowers end up in the trash. This means that as only trace amounts of cannabidiol are found in hemp seeds, good quality CBD is harder to come buy and overpriced.
Those who are hopeful that Canada will reverse its controversial 1998 hemp law, also hope that the government will remove hemp-derived CBD from the current list of controlled substances. If the hoped for changes do happen, it’s highly likely that Canada will take over from the likes of the US and China, and dominate the CBD market globally.
Patrick Frankham, CEO of Pivot Pharmaceuticals in Vancouver, said, “We believe hemp-derived CBD oil will be the first to be deregulated. We’re building our business entirely focused on that event.” However, Pivot aren’t the only ones who want a piece of the not-yet-fully-baked pie.
Aurora Cannabis out of Vancouver for example, invested a staggering $2.5 million in Hempco Food and Fiber last summer. This move positioned them in a strong place, as and when the long-expected legal amendments are made.
Another big player, the aptly named True Leaf Medicine from Vernon, tripled its production in 2017, providing CBD for humans and pets.
These companies, along with many others, and thousands of patients wanting CBD, hope that the Canadian government will do the right thing and follow popular opinion to deal with the CBD issues once and for all.
[Image credit- Pixabay]