NetworkNewsWire Editorial Coverage: A momentous cultural and economic change is soon coming to Canada, as the Canadian Government has committed to legalizing recreational marijuana on July 1, 2018. Already busy with demand for medicinal marijuana – which has been legal in Canada since 2001 – licensed cultivators are ramping up their production capabilities in anticipation of a staggering surge in demand. Investors are also taking notice, in October driving average gains of 7.6% among Canadian cannabis producers (http://nnw.fm/KJ29n). The Canadian Government is also making preparations for the impending legalization, emphasizing cannabis education and awareness for the nation’s youth (http://nnw.fm/b4U9O). This focus on health and safety adds weight to the proprietary, organic and pesticide-free growing systems of ABcann Global Corp. (OTCQB: ABCCF) (TSX.V: ABCN) (ABCCF Profile), which, thanks to a hefty investment by Cannabis Wheaton Income Corp. (OTCQB: CBWTF) (TSX.V: CBW), has the capital needed to increase its supply. Other licensed producers gearing up to meet demand Maricann Group, Inc. (OTCQB: MRRCF) (MARI: CC), Emblem Corp. (OTC: EMMBF) (EMC: CC) and MedReleaf Corp. (OTC: MEDFF) (LEAF: CC).
The impending legalization of marijuana for recreational use in Canada could offer licensed producers a chance to record tremendous growth in the coming months. According to a 2016 report by Deloitte, the legal Canadian marijuana market could soon be worth $18 billion annually. As for volume, Deloitte forecast annual demand for the plant at about 1.32 million pounds per year.
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