'Epic moment for cannabis': Industry celebrates third anniversary of legalization in Canada
Cannabis grower and retailer Tony Giorgi says the past three years have been "a wild ride."
On Oct. 17, 2018, The Cannabis Act came into effect. The Act regulates retail cannabis for adult use, medical cannabis and industrial hemp in Canada
The CEO of Sensi Brands sees similarities between the cannabis industry and the dot-com boom in the mid-1990s.
"We now have almost 700 to 800 licensed producers in the country," says Giorgi, who has done six startups in the past 30 years.
"With the retail rollout, the federal government had bestowed responsibility at the provincial level on the retail framework here in Ontario. We've made a lot of great progress and now rolling out over 1,000 retail stores in Ontario."
He feels the industry has come to a fork in the road, on how to deliver both recreational and medical products.
"We're starting to see more tinctures, gel caps and cannabis in the form of pills and powders...more medical delivery forms versus recreational," says Giorgi.
"Edibles, obviously are becoming a big thing, beverages, and I've even seen freezies are being released. So you're seeing all these innovative, fun ways of releasing recreational products and recreational format comparatively to the medical market which you are seeing more clinical trials and evidence based use of those products."
Even after three years, new and innovative products are being introduced.
"I think cannabis is divided between, you know, those who want to use it recreationally, but I think there's a huge interest in people that want to use it for their wellness benefit," says Samantha Marchione, brand ambassador for Nuveev.
Nuveev is a company who has a product line which includes skin care products and beverages.
"We combine the benefits of CBD specifically with plant extracts to create a product that is a well rounded product ideal for every single age, race, consumer ,skin concern, " says Marchione.
"Anything from hydrating, nourishing your skin, all the way to, helping your skin age gracefully and attaining healthy skin".
They also make a beverage which focuses on internal and external wellness.
"We have a 25 milligrams CBD (cannabidiol) beverage that is CBD only, and really focuses on the technology of getting CBD into your system acting fast but without the worry about THC," says Marchione.
New industry creates a number of revenue streams and channels. The retail side is booming with six stores in St. Thomas, Ont. alone. With a population of around 40,000 people, that's one for almost every 7,000 residents.
"I would say a massive success in terms of employment, jobs created, and tax revenue that's been created as a means of of launching into this new industry," says Giorgi, who recently opened Southwestern Ontario's first farmgate cannabis store in St. Thomas.
When Canada became the first G7 country to legalize cannabis, the federal government knew there would be a significant economic impact, but they claim the policy decision was made for health and safety reasons.
"It ensured neighborhoods are safe and young people in particular, don't have access to illegal sources of cannabis which were plentiful prior to the change," says Peter Fragiskatos, MP for London-North Centre.
'That's not to say that the black market has been eliminated entirely, because it does exist, but we are seeing some important changes in the evolution of this. I believe that the next few years will show that the black markets, if not defeated when it comes to the distribution of cannabis, is mitigated in terms of its role in very significant ways."
Other G7 countries like Switzerland, Germany and the Netherlands are exploring pilot pilots according to Fragiskatos.
"There is a very live conversation happening in the United States right now about whether or not cannabis should be legalized," he says.
"There are particular states that are quite anxious to go about it, while other states do not have an interest so I think you'll end up with a kind of patchwork quilt approach. In Canada, there are particular municipalities, Mississauga being one that have taken the decision to prevent cannabis from being distributed in their communities. Most communities are open to it, because they recognize that cannabis use was a fact long before legalization."
Giorgi says a stigma still exists in the marketplace, and consumers are still trying to wrap their heads around the fact that cannabis is legal.
"We are expanding the education, and over time we're optimistic that this will be truly mainstream," says Giorgi.
CTVNews.ca Top Stories
Video shows suspect setting Toronto-area barbershop on fire
Video of a suspect lighting a Richmond Hill barbershop on fire earlier this week has been released by police.
'I have the will to live': N.B. woman needs double lung transplant
A New Brunswick woman suffering from sarcoidosis, a disease that limits your lung capacity, is in need of a double lung transplant.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Police officer hit by driver of fleeing vehicle in Toronto
York Regional Police say they are continuing to search for a suspect in an auto theft investigation who was captured on video running over a police officer in Toronto last month.
Boeing is on the verge of launching astronauts aboard new capsule, the newest entry to space travel
It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.