Canada Leads the Way as North America Embraces a Diverse Cannabis and Hemp Industry

NEW YORK, August 29, 2018 /PRNewswire/ --

CannabisNewsWire Editorial Coverage 

The pending legalization of recreational cannabis and the extraction of cannabinoids from hemp in Canada is only one in a series of changes bringing expectations of new growth to these industries.

• Legalization of recreational cannabis in Canada is set to establish an industry worth billions of dollars every year.
• American companies can make the most of this change through cross-border partnerships and Canadian subsidiaries.
• Industrial hemp offers another option for companies in this sector, producing and extracting cannabinoids, including CBD and other cannabinoids, from the flowers and leaves will become legal on October 17, 2018.

Marijuana Company of America Inc. (OTC: MCOA) (MCOA Profile) is making the most of these changes, developing CBD products and industrial hemp cultivation processes alongside its Canadian partner, Global Hemp Group Inc. (CSE:GHG) (OTC:GBHPF). Scotts Miracle-Gro Company (The) (NYSE:SMG) has acquired Sunlight Supplies to give it a larger hold in the hydroponic cultivation market. GrowGeneration Corporation (OTC:GRWG) is also specializing in hydroponics, which it expects to become a $4.5 billion industry. Micron Waste Technologies, Inc. (OTC:MICWF) (CSE:MWM) is creating a specialist onsite waste management system for cannabis farmers. And as hemp cultivation appears to be on the cusp of expansion, Future Farm Technologies (OTC:FFRMF) (CSE:FFT) is producing millions of seeds with which to get farmers started.

New Laws and New Crops

The legalization of recreational use cannabinoids in Canada is set to make waves in the market this year. As the first G7 country to legalize recreational cannabis on a national scale, Canada is leading the world in taking this lucrative trade out of the hands of criminal gangs and making it part of the legitimate economy. With the global cannabis market to reach a value of $57 billion by 2027, Canada provides a great opportunity for companies to capture a piece of this rapidly emerging market.

With sales worth close to $6 billion, the Canadian cannabinoid industry has plenty of potential. It's drawing the attention of big business, with Corona's parent company investing billions in a cannabis beverage partnership. It is also opening a new market for companies in the related industrial hemp industry. On October 17, 2018, farmers who hold valid hemp cultivation licenses will be allowed to begin to "harvest and store flowering heads, leaves and branches of the industrial hemp plants cultivated during the 2018 growing season." Companies will now also be able to transport, sell, import and export any part of the industrial hemp plant legally. This allows those involved in the industry to take advantage of an entirely new product market utilizing hemp-derived cannabinoids. For companies already invested in this sector, changes in Canada may open the way for a vast increase in revenues.