by Grow Up Conference | Oct 10, 2023 | Media Partners, Stratcann
Canada has released their What We Heard Report on the ongoing legislative review of the Cannabis Act.
The report is a summary of what the five-person expert panel has heard over the past year as it engaged with almost 500 stakeholders in nearly 90 meetings across Canada.
“We want to thank everyone who generously gave us their time and energy in sharing their perspectives and answering our questions,” said Morris Rosenberg, Chair of the Expert Panel. “We have heard a wide variety of perspectives throughout the consultations. A very rich and broad scientific literature was shared with us, as well as diverse lived and living experiences. We hope that we have captured the breadth and nuances of perspectives.”
The panel’s mandate was to look at the impact of cannabis legalization on different aspects of Canadian society and public health and safety, namely its impact on young people, on First Nations communities and peoples, and on peoples’ homes.
In regard to public health, the panel says they heard concerns from public health officials and medical experts for more strict monitoring of the program and maintaining policies like the current 10 mg edibles limit. At the same time, industry stressed concerns that such strict limits impact their financial success.
In regard to the impact of cannabis legalization on young people, the panel says they heard concerns about emergency department visits for young people who had consumed cannabis and a need for more research on diverse populations of youth.
In their engagement with First Nations, Indigenous and Metis communities in Canada, panelists heard concerns about a lack of engagement with these communities, concerns around issues of jurisdictional authority, as well as concerns with the impact of legalization on these communities’ public health and safety.
In regard to the impact of home growing on people’s homes— a concern repeated by many in the run-up to legalization—the panel says these issues were not commonly raised in their outreach. Some municipalities said they wanted to see a limit to the number of plants people can grow at home with a medical authorization. Some said they wanted more education on how to grow safely at home, especially indoors.
In addition to these specific topics the panel was required to look into, they also heard feedback on the economic, social, and environmental impacts of the Act, with industry expressing concerns about financial viability and a lack of enforcement against the unregulated market, and that some marginalized communities still face uneven enforcement of cannabis laws, even post-legalization
They also heard from advocates for the medical cannabis market who called for more research into medical cannabis and more support to ensure the integrity of the medical cannabis stream.
The next phase of the Expert Panel’s work will include the development of their final report to be tabled in Parliament by March 2024, as well as continued engagement through the fall.
The Expert Panel continues to welcome written submissions as it develops the final report. Submissions can be sent to [email protected].
by Grow Up Conference | Oct 10, 2023 | Media Partners, Psychedelic News Wire
Governor Gavin Newsom of California has vetoed a measure that would legalize a number of psychedelics and establish a pathway for regulated access. In his message regarding the veto, the governor urged the legislature to present a new resolution in 2024 that created guidelines for regulated access to psychedelics for therapeutic use and also consider a possible framework for broader decriminalization in the future.
Newsom added that while peer-reviewed research had shown that psychedelics could relieve suffering of individuals with conditions such as post-traumatic stress disorder and depression, guidelines on dosing and rules to prevent exploitation during guided therapy among other things were needed before he could approve any measure.
The move by the governor is a disappointment to many, especially first responders and military veterans who testified in favor of it. The bill in question, SB 58, was introduced by Senator Scott Wiener. It would have legalized the personal cultivation and possession of a number of entheogenic fungi and plants for adults beginning January 2025.
The bill would have also established a work group under the state’s Health and Human Services Agency. That group would be responsible for conducting research and providing recommendations regarding a framework to regulate access to the drugs for facilitated and therapeutic use. In comparison to the version the senator filed in the last session, the bill the governor received excluded a number of provisions following amendments in the Assembly.
In a statement, Wiener stated that this was a setback for the many individuals in California who were already using the substances safely and benefitting from them and would continue to be categorized as criminals under state law. Wiener further noted that criminalizing access to these psychedelic substances only reduced individuals’ access to help and made them feel less safe. He then added that while the veto was a missed opportunity for the state to follow the science and lead, he would be introducing a measure focused on therapeutic access in 2024.
The veto may be hard to accept for many Californians, especially since as the mayor of San Francisco, Newsom was one of the first legislators to call for an end to the drug war. He also introduced harm-reduction policies such as syringe-exchange programs in San Francisco.
Some theorize the shift in his stance may be because of his potential bid to run for president next year. The governor is yet to announce his plan to run but has scheduled a debate with 2024 GOP presidential candidate Governor Ron DeSantis of Florida.
The fact that Newsom signaled that he would consider a bill granting patients access to medicinal hallucinogens should be a bright note for enterprises that are working to bring psychedelic formulations to the mass market once their products get FDA approval, such as Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ). Newsom’s actions show he is aware of the public’s interest in these substances and their medical potential.
About PsychedelicNewsWire
PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from PsychedelicNewsWire, text “Groovy” to 21000 (U.S. Mobile Phones Only)
For more information, please visit https://www.PsychedelicNewsWire.com
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer
PsychedelicNewsWire
San Francisco, CA
www.PsychedelicNewsWire.com
415.949.5050 Office
Editor@PsychedelicNewsWire.com
PsychedelicNewsWire is powered by IBN
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
A micro-processing licence is typically issued to smaller companies as the initial and annual licensing fees are lower and the requirements are less stringent. However, the quantity of cannabis which can be possessed, handled and sold in any given year is limited to a maximum of 600kg of dried cannabis or its equivalent, while there are no restrictions or limits on sales volumes with a standard licence.
To date, the company has been operating under a micro-processing licence which enabled it to create and commercialize a variety of innovative cannabis products and build its brands. Given the popularity of several of its products, the company has reached the prescribed limit and it expects, with the steadily increasing sales and upcoming product launches, it was necessary to transition to a standard processing licence.
“When the company originally applied for a micro-processing licence in 2019, it made sense to limit costs and allocate more funds towards product development and establishing a strong presence in the industry. We did, however, design our facilities to be easily adaptable to meet the more stringent requirements of the standard processing licensing so the costs of this transition have been minimal. The Good Shroom can now manufacture, sell and distribute an unlimited amount of cannabis products and we can scale up production when necessary as we expect sales momentum to continue.” stated Eric Ronsse, the company’s CEO.
The Good shroom has scheduled the upcoming product launches, to take place in Quebec and Alberta over the next eight weeks. The various product launches in Alberta will occur intermittently and those in Quebec will occur as seen below.
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Napanee, Ont. — Lophos Holdings Inc. is delighted to share additional information on its wholly-owned subsidiary, Lophos Pharmaceuticals Corp., which has achieved a significant milestone by obtaining a Controlled Substance Dealer’s License from Health Canada for their facility located in Napanee, Ontario.
Facility overview
— Permitted to produce, sell, transport, and deliver the controlled substances covered by the license, namely mescaline, psilocin, and psilocybin.
— Wholly owned, 10,000 sq. ft. facility that is newly built.
— Cutting-edge laboratory with secure storage capabilities valued up to $6,250,000.
— 6,000 sq. ft. of dedicated cultivation space for peyote cactus research and production.
_ Contract cultivation and laboratory research capabilities.
This significant milestone was achieved through a strategic collaboration with Canalytica Corp. which ensured a seamless licensing process, reinforcing the importance of expert regulatory partnerships.
Canalytica Corp., led by VP of Quality Assurance, Giselle Barona, was instrumental in navigating the rigorous regulatory intricacies associated with the controlled substance licensing process. Their adept expertise in quality assurance and regulatory affairs ensured a swift and efficient pathway to this groundbreaking achievement.
This achievement also exemplifies Lophos’ dedication to pioneering their unique approach in the realm of psychedelic medicines. With a robust focus on compliance, research, and potential therapeutic applications, Lophos is uniquely positioned to explore mescaline’s potential for treating conditions such as depression, anxiety, and PTSD.
“Our licensed facility exemplifies our dedication to regulatory compliance and excellence in research and production,” CEO Claire Stawnyczy remarked. “We believe that our intended approach of offering traditional psychedelic medicine while reinvesting any revenues into research makes us truly unique.”
Additionally, Lophos emphasizes its commitment to the compliant, ethical, and sustainable production of indoor cultivated peyote cactus (lophophora williamsii).
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Vancouver — Mydecine Innovations Group, Inc., a biotechnology company engineering the next wave of innovative medications and treatment protocols to directly address mental health with a particular emphasis on addiction and PTSD, announces that it has completed its admission to the Access segment of the AQSE Growth Market and trading will commence at 8:00 A.M. GMT on Tuesday, 10 October 2023 under the ticker “MYIG.”
Company highlights:
— Mydecine Innovations Group Inc. is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing wellbeing.
— The company’s various families of Novel 2nd generation molecules are showing significant improvements over the first generation of psychedelic treatments. The company has taken the approach that, in order to have a truly successful drug that is accessible by all, numerous modifications need to be made to the first generation MDMA or Psilocybin molecules, most notably shortening the half-life while keeping the experience integrity intact.
— The company is currently working with its pre-clinical team at the University of Alberta to work these molecules through the Investigational New Drug enabling stage with the intent to put them into human clinical studies expected to commence in 2024.
— The company has a comprehensive intellectual property strategy covering novel molecules, drug formulations, delivery mechanisms, and methods of production. The company believes this covers all described drug development activities in our named pipeline and clinical trials. The company has filed these applications both in the United States and through the Patent Cooperation Treaty (PCT) for protection in all jurisdictions in which the company does business.
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
By Tran Nguyen
SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom has vetoed a bill aimed at decriminalizing the possession and personal use of several hallucinogens, including psychedelic mushrooms.
The legislation vetoed Saturday would have allowed those 21 and older to possess psilocybin, the hallucinogenic component in what’s known as psychedelic mushrooms. It also would have covered dimethyltryptamine (DMT) and mescaline.
The bill would not have legalized the sale of the substances and would have barred any possession of the substances on school grounds. Instead, it would have ensured people are neither arrested nor prosecuted for possessing limited amounts of plant-based hallucinogens.
Newsom, a Democrat who championed legalizing cannabis in 2016, said in a statement Saturday that more needs to be done before California decriminalizes the hallucinogens.
“California should immediately begin work to set up regulated treatment guidelines – replete with dosing information, therapeutic guidelines, rules to prevent against exploitation during guided treatments, and medical clearance of no underlying psychoses,” Newsom’s statement said. “Unfortunately, this bill would decriminalize possession prior to these guidelines going into place, and I cannot sign it.”
The legislation, which would have taken effect in 2025, would have required the California Health and Human Services Agency to study and to make recommendations to lawmakers on the therapeutic use of psychedelic substances.
Even if California made the bill a law, the drugs would still be illegal under federal law.
In recent years, psychedelics have emerged as an alternative approach to treating a variety of mental illnesses, including post-traumatic stress disorder. The Federal Drug Administration designated psilocybin as a “breakthrough therapy” for treatment-resistant depression in 2019 and recently published a draft guideline on using psychedelics in clinical trials.
Public opinion on psychedelics, which have been mostly associated with 1960s drug culture, has also shifted to support therapeutic use.
Supporters of the legislation include veterans, who have talked about the benefits of using psychedelics to treat trauma and other illnesses.
“Psilocybin gave me my life back,” Joe McKay, a retired New York City firefighter who responded to the 9/11 attacks, said at an Assembly hearing in July. “No one should go to jail for using this medicine to try to heal.”
But opponents said the drugs’ benefits are still largely unknown, and the bill could lead to more crimes — though studies in recent years have shown decriminalization does not increase crime rates. Organizations representing parents also worried the legislation would have made it easier for children and young people to access the drugs.
The California Coalition for Psychedelic Safety and Education, which opposed the measure, said more safeguards are necessary before decriminalization occurs.
“We’re grateful that Governor Newsom listened to some of the top medical experts, psychedelic researchers and psychiatrists in the country who all warned that legalization without guardrails was at best premature for both personal and therapeutic use,” the coalition said in a statement Saturday. “Any move toward decriminalization will require appropriate public education campaigns, safety protocols and emergency response procedures to help keep Californians safe.”
State Sen. Scott Wiener, who authored the bill, called the veto a missed opportunity for California to follow the science and lead the nation.
“This is a setback for the huge number of Californians — including combat veterans and first responders — who are safely using and benefiting from these non-addictive substances and who will now continue to be classified as criminals under California law,” Wiener said in a statement Saturday. “The evidence is beyond dispute that criminalizing access to these substances only serves to make people less safe and reduce access to help.”
He said he would introduce new legislation in the future. Wiener unsuccessfully attempted to pass a broader piece of legislation last year that would have also decriminalized the use and possession of LSD and MDMA, commonly known as ecstasy.
Lawmakers can override a governor’s veto with a two-thirds vote, but they have not tried in decades.
In 2020, Oregon voters approved decriminalizing small amounts of psychedelics, and separately were the first to approve the supervised use of psilocybin in a therapeutic setting. Two years later, Colorado voters also passed a ballot measure to decriminalize psychedelic mushrooms and to create state-regulated centers where participants can experience the drug under supervision.
In California, cities including Oakland, San Francisco, Santa Cruz and Berkeley have decriminalized natural psychedelics that come from plants and fungi.
Despite Newsom’s veto, California voters might have a chance to weigh in on the issue next year. Advocates are attempting to place two initiatives to expand psychedelic use on the November 2024 ballot. One would legalize the use and sale of mushrooms for people 21 and older, and the other would ask voters to approve borrowing $5 billion to establish a state agency tasked with researching psychedelic therapies.
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
ATLANTA (AP) — Georgia soon will become the first state in the nation to offer medical marijuana products at independent pharmacies, state officials said.
The Georgia Board of Pharmacy began accepting applications this week, and nearly 120 pharmacies have agreed to provide medication from Botanical Sciences, one of the state’s two licensed production companies, The Atlanta Journal-Constitution reported. It will likely take a few weeks before medical marijuana is available in pharmacies. After they submit applications, inspections will be required before the board grants approval.
Medical marijuana is only available to Georgians with approval from a physician to treat severe illnesses including seizures, terminal cancers, Parkinson’s disease and post-traumatic stress disorder. Low THC oil can contain no more than 5% THC, the compound that gives users a high.
The expansion of medical cannabis sales into drug stores will put low THC oil within reach of many more patients, adding to the state’s seven dispensaries that have opened since April.
Patients will be able to buy cannabis oil at pharmacies if they show a state-issued low THC oil registry card and identification.
“Pharmacists have been fielding questions from patients for years without ever having the ability to do anything about it,” said Gary Long, CEO for Botanical Sciences. “Finally, they have the ability not just to give people advice but provide them with the therapies they’ve been seeking.”
About 90% of Georgia’s population will be within a 30-minute drive of a pharmacy selling medical marijuana when they open, according to the company.
“Pharmacists are a trusted provider, and it’s a way for us to destigmatize this new medicine,” said Mindy Leech, a pharmacist and the owner of Lee-King Pharmacy in Newnan. “It will make people more comfortable if they want to come in and ask questions about it.”
The Georgia General Assembly approved distribution of low THC oil as part of a state law passed in 2019, but it has taken years to create regulations for safety, inspections, licensing and distribution. Gov. Brian Kemp approved rules last month that were passed by the Georgia Board of Pharmacy, clearing the way for pharmacy sales to begin.
The Georgia Department of Public Health recently disclosed it had miscounted and inflated the number of registered medical marijuana patients. Just 14,000 active patients and caregivers are currently signed up, far fewer than the 50,000 previously reported.
“We’re going to have patients that need this health care in some remote parts of Georgia that probably would never have a dispensary near them,” said Jonathan Marquess, vice president for the Georgia Pharmacy Association and the owner of several pharmacies in the Atlanta area. “But they do have a caring professional, a knowledgeable professional pharmacist, in their communities who can talk to them.”
There are over 400 independent pharmacies in Georgia, and Marquess said he expects most of them will be interested in selling low THC oil. The product isn’t being sold by national drugstores like CVS and Walgreens.
Andrew Turnage, executive director for the Georgia Access to Medical Cannabis Commission, said the pharmacy rule is “definitely big news.”
“It helps both our licensees and especially our patients,” he said. “It will put access in virtually every county in the state.”
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Toronto — Cronos Group Inc., an innovative global cannabinoid company, is pleased to announce its Spinach brand won “Best Pre-Roll” at the Grow Up Awards this past Sunday for its Spinach Fully Charged Atomic GMO infused pre-rolls.
The annual Grow Up Awards celebrate excellence in the cannabis industry, recognizing outstanding achievements and innovation in a variety of cannabis-related categories.
“Spinach pre-rolls are designed to crank the volume and thrill the senses with cultivars that have flavour-forward, rich terpenes and aroma profiles as well as first in class genetics and unrivaled potency. We are incredibly proud to be recognized by the Grow Up Awards in this category,” said Mike Gorenstein, chairman, president and CEO, Cronos.
“Winning for our pre-rolls is particularly important for us, as we overhauled our pre-roll portfolio earlier this year to ensure our offerings enhance and elevate the consumer experience. We continue to invest our resources and expertise into expanding our pre-roll innovations and look forward to bringing new, high-quality pre-rolls to market in the coming year. We’re grateful to Grow Up for recognizing our pre-rolls and all our employees who work so hard to bring them to market.”
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
Victoria — British Columbia is setting out new rules as it attempts to navigate a way to curb the overdose crisis with drug decriminalization.
Possession of small amounts of many illicit drugs was decriminalized in B.C. in January after the federal government issued an exemption, but legislation introduced by the province today would make their use illegal in many public spaces.
Public Safety Minister Mike Farnworth says the government is committed to its initiatives to fight the crisis, but the public consumption of illegal drugs can’t happen everywhere.
Instead, the changes, if passed, would ban illicit drug use in public and recreational spaces, similar to tobacco, cannabis and alcohol use.
Farnworth says the law wouldn’t criminally punish people using drugs in public areas but enforcement officers will ask them to stop or direct them to another area.
Local politicians in B.C. passed three resolutions last month at their annual convention on the issue, including asking the government to further regulate the possession and use of illicit drugs in places where children gather.
Premier David Eby says the province is moving to help people break the cycle of addiction, away from being arrested and going to court, while moving them towards treatment initiatives
“It was never about, it cannot be about using hard drugs wherever we like,” said Eby. “We need a province where people feel secure in their communities.”
by Grow Up Conference | Oct 10, 2023 | Grow Opportunity, Media Partners
Last week, Randy Rowe and the cannabis industry wrapped another unforgettable Grow Up event, which took place in charming Victoria, B.C. Kicking off Q4 2023, the Grow Up Conference, Awards and Expo brought together the most influential figures in the business, covering hard facts and data driven reports down to the hot ticket awards ceremony, in depth masterclasses, seed exchange and psychedelic summit.
The event showcased Canada’s 2023 cannabis achievements and exceptional innovations. Appearances made by distinguished celebrities and cannabis pioneers such as Tommy Chong and Kevin Jodrey, enriched the three-day event that celebrated every facet of the industry’s growth, resilience and potential.
Between the VIP conference with its lineup of talented speakers to the high-octane awards ceremony and top-notch networking opportunities, little was missing from the agenda and greater gathering.
Event highlights are as follows:
Honouring Indigenous rights and traditions while recognizing the lack of available capital for Indigenous-led groups and those affiliated with them proved a recurring and imperative point of contention and conversation in British Columbia’s capital city over the first few days of October. Though the overarching issue of securing capital in this space was addressed at length, as it has been over the last few years with no immediate sign of letting up. Before Av Singh’s sought-after mergers and acquisitions panel Sunday morning, StartCann David Brown’s panel tackled issues of navigating legal challenges with an emphasis on First Nations.
Navigating legalization challenges: Compliance, regulation and advocacy
Rosy Mondin of CannaWorld Ventures and Kirk Tousaw, cannabis attorney and CEO of Cowichan Valley-based Great Gardener Farms tackled issues of shipping costs, where direct delivery might help alleviate the issue of the middleman but recognized that it’s “a lot of work for the return,” said Mondin. Tousaw acknowledged that direct delivery is not “economically viable for my company right now,” due to the necessity of “hiring someone to package it, someone to ship it, and track it.” Direct delivery was addressed again during a B.C. direct program panel on day two, again moderated by David Brown.
Panelist Robert Laurie of Ad Lucem Law Corporation shared his exceptional story and history in the space accrued over the last three decades. Laurie’s younger brother’s best friend was Seth Rogen’s dealer, “and up into the early 2000s, I was getting him and my brother out of trouble,” which is when he realized: “this industry is a revolving door of problems, and misery definitely loves company.” Everyone in the room could agree that it’s difficult to bear witness to.
Following Reconciliation Day on September 30, Laurie spoke in the Victoria Conference Centre about his work representing a number of Indigenous groups from Secwépemc Nation or Kamloops First Nations, “right down to individual operators who have the support of their band.” And in the case of Cory Brewer, an Indigenous man with three licenses on a reserve working to empower First Nations businesses to sell cannabis on traditional territories without provincial licensing, it has become an opportunity to challenge the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) and in B.C., a province with its own Declaration on the Rights of Indigenous Peoples Act (DRIPA) that applies to First Nations land and traditional territory.
“There’s been a lot of talk implementation, so we’re going to focus the government on this – that’s one of the orders we are asking the court for is to make a declaration of what kind of teeth does this tiger have? Because, at the moment, it seems pretty toothless.”
Laurie seeks to see how Indigenous peoples can participate in cannabis beneath food, social or ceremonial purposes avenues.
This work could be perceived as an extension of the past work himself, Tousaw and others were dealing with regarding medical patients, and now, “you’re dealing with Indigenous, so there’s a much greater level or degree of constitutional entrenchment.”
“To me, this is like a second kick of the can. We lost the test case, but we’re able to dust off a number of those arguments and make new ones involving UNDRIP.”
Navigating opportunities and risks in cannabis investments panel, Victoria Conference Centre. Photo: Annex Business Media
Mergers & acquisitions/ how to avoid bankruptcy: Navigating opportunities and risks in cannabis investments
The following panel led by moderator Singh with panelists David Hyde, Josh Reynolds, Mike Shilling and Walker Macleod addressed the pains associated with insolvency while providing pointers for navigating risks and opportunities in the industry.
The panel agreed that what we’re witnessing is no doubt the natural trends in an emerging market, and they are common.
Macleod of McCarthy Tetrault LLP stated that “the biggest problem of insolvency is the failure to address physical challenges in the early stages when they start to emerge” – the malignancy of which develops into a “cash flow challenge or a liquidity crisis,” where obligations cease being paid on a regular basis, aka, “running out of runway.” Addressing these issues early on before disaster strikes is of utmost importance. Again, panelists agreed – this is not unique to cannabis.
Reynolds saw backup in the industry out the gate – a burgeoning industry largely financed by cultivators out of pocket who lack business experience.
Reynolds of We Can Capital recognized that the capital at his previous venture was expensive, and instead, would like to be part of the solution while ultimately helping the industry bounce back. Previously, he “didn’t feel good about it,” he said.
Reynolds also cautioned that growers focusing on export may not be the best business plan to rely on. He intends to keep it close to home, seeking to benefit the B.C. cannabis industry where possible.
Hyde supported this point with the statement that, whereas international exports are concerned, Germany simply isn’t going fast enough. “1+1=7,” he said, where the mergers, two or more companies coming together, will end up on top.
Hyde forecasted that it’s not the top companies in 2023 who will become industry standard, but the those currently merging on the rise that will replace those currently on top. “There’s no Coca Cola or Budweiser in the industry yet,” affirmed Reynolds.
Hyde provided another tip, advising individuals and companies to “decide who you are – what you want and what you want to do – before looking at those decks and deciding that way.” Getting clear on one’s goals and defined identity is one way to keep from repeating history. “Seeing what you thought would be is what got us into this in the first place,” said Hyde.
Keeping a lean operation, a tight balance sheet, attracting subsequent funding or circling back to previous seed investors in the interim were the parting words from this panel. In a space known as a “higher for longer interest rate sector” and mimics growing pains from both the automotive and technology sectors, means we’ve got our work cut out for us as we come to the end of an “era of unprecedented lending,” said Macleod.
And yes, “I believe we will see excise tax relief,” said Hyde. “But not yet.”
This is a two-part piece with additional conference coverage to follow.
Recent Comments