In November, Florida voters head to the polls to reckon candidates for governor and other elected positions. If 60% of the Florida voters are in favor, medical marijuana would then be legal in the Sunshine State. They’ll also be asked to vote yes or no on Amendment 2, one of the most discussed about and debated statewide ballot initiatives in latest memory. Early polling recommends it will pass.
Channel 9’s Grey Warmoth, with that in mind, lately traveled to Ottawa, Canada, where medical marijuana is legal, to seek out more about the business side of legalized pot production and distribution.
What Warmoth got was that Canada’s legalized system was chaotic in the yearly years, but since then that country has regulated strict controls that could be mirrored in Florida.
When medical marijuana as a medicine became legalized 13 years ago in Canada, licensed users actually cultivated and sold their own weed. However, on April 1 of this year, Health Canada put in some new rules and believed that the system in Canada could be the model for places like Florida that are reckoning legalization.
And perhaps the most apparent example of that model for now would be found in Smith Falls, Ontario. Lately, the town has a population of about 9,000 people. But 400,000 tourists used to visit every year. Most would pay a visit at Hershey Chocolate factory, but those days ended when the plant closed six years ago.
Until lately, it smelled like chocolate in the plant, stated by the CEO of Tweed Marijuana Inc, Chuck Rifici. And that smell you have now is of marijuana, according to Warmoth. In just one production room that Warmoth and his cameraman toured, the worth of the medical marijuana was placed about $250,000.
Publicly traded on the Canadian stock exchange, Tweed Marijuana Inc, was granted one of only 13 medical marijuana licenses below Health Canada’s new tougher regulations. An initial investment of $28 million in cash has led to an estimation of $118 million. On April 1, Tweed opened for business.
The 30-room only capacity if the facility can produce up to 33,000 pound annually. It is stated by plant operators that once all 30 rooms are built out they hope to be able to generate $100 million in revenue every year.
As stated by Douglas, that the way things are headed in Canada and the U.S regarding medical marijuana, he thinks that there is a very bright future for anyone who is an experienced commercial grower of plants.
Canada has a real chance to be the leader in the medical marijuana industry after the way they set up this framework, according to Rifici.