Canadians can enjoy safe cannabis, marketed and sold responsibly, with recent studies showing numerous ways this benefits us all

Three years have passed since legalizing cannabis in Canada. From boosting the economy to improved product and purchasing safety, the benefits of its decriminalization are clear.

A recent report by Deloitte Canada and the Ontario Cannabis Store states that since cannabis was legalized in 2018, it has contributed $43.5 billion to Canada's GDP and $13.3 billion to Ontario's GDP.

"From an economic perspective, we're pulling that economic benefit out of the illicit market where it was falling into the hands of organized crime," said Robert Carroll, the owner and operator of Due North Cannabis Co. based in Sault Ste. Marie.

Jefferies lowered their price target on Tilray Brands (TSX: TLRY), after updating their outlook, saying excluding all the Canadian headwinds, the overall outlook looks compelling. Jefferies lowered their 12-month price target from $17.00 to $15.60 and reiterated its buy rating on the stock.

Tilray currently has 20 analysts covering the stock with an average 12-month price target of US$8.47, or a 33% upside to the current stock price. Out of the 20 analysts, 2 have strong buy ratings, 2 have buy ratings, 13 analysts have hold ratings and the last 3 have sell ratings. The street high sits at US$23, which represents a 260% upside to the stock.

'These products are illegal and prohibited under the Cannabis Act and its Regulations'

Agra Ventures Ltd, a growth-oriented and diversified company focused on the international cannabis industry, applauds Health Canada’s recently announced regulatory changes that will have the effect of streamlining the application process for cannabis processors to bring products to market more quickly. On March 31, 2022, Health Canada communicated that it would begin granting all standard and micro-class processing license holders sales authorizations for dried and fresh cannabis products during the initial licensing process. Therefore, licensees such as AGRA will no longer have to apply for an amendment in order to sell to wholesalers. The planned improvements to the licensing process are scheduled to go into effect on April 19, 2022.

The pandemic saw a boom in legal recreational cannabis sales across Canada. From March 2020 to February 2021, sales totaled $2.5 billion, double the $1.25 billion of the previous 12 months. Surveys likewise reported more cannabis users and more frequent usage in 2020 than the year before.

The increases were often blamed, despite a lack of evidence, on the COVID-19 pandemic and related societal disruptions. Many people were stuck alone at home and feeling stressed. Some commentators later walked back their claims after it became clear there was no data to support them, but the narrative still persists.

Although it’s a compelling anecdote, our new research found that the growth in cannabis sales was more likely from industry expansion, rather than the pandemic.

Canada’s cannabis industry is finally getting an audience with Ottawa.

More than three years after Canada legalized cannabis, the government plans to form a strategic panel led by the Department of Innovation, Science and Economic Development aimed at engaging with industry participants and other stakeholders to help grow the country’s domestic legal marijuana industry.

The measures will likely be welcomed by industry executives and advocates who have complained about a lack of interest from Ottawa in fixing regulations that have weighed on Canada’s licensed cannabis producers, many of whom have struggled to make a profit.

IM Cannabis Corp. (the “Company” or “IM Cannabis“) (CSE: IMCC) (NASDAQ: IMCC), a leading medical and adult-use recreational cannabis company with operations in Israel, Canada, and Germany, today announced new strategic imperatives designed to enhance organizational efficiency and reduce operating costs while further responding to the increased demand for premium, indoor-grown Canadian cannabis from Israeli consumers. As part of these changes, Focus Medical Herbs Ltd. (“Focus Medical”) has decided to close the Sde Avraham cultivation farm in Israel that it owns and operates. Focus Medical has an exclusive commercial agreement with IM Cannabis to distribute its production under the IMC brand.

Increase in Revolving Credit Facility availability to $15 million supports increased global demand for premium cannabis

Legalization of marijuana in America isn’t imminent, but the House of Representative’s passage of the MORE Act is a reminder that Canada’s comparative advantage in the multi-billion dollar cannabis industry is at the mercy of changing political tides in the United States and elsewhere.

“It’s an important alarm bell for the Canadian government that there are markets around the world that are opening to cannabis,” said Rick Savone, senior vice president of Aurora Cannabis Inc., one of Canada’s largest cannabis retailers, and chair of the board of the Canadian Cannabis Council.