Canada could lead cannabis market: O’Leary
Dragons’ Den star thinks country can ‘own’ new industry
Canada is poised to become the world leader in the growing cannabis industry, says celebrity businessman Kevin O’Leary.
“There is no question that Canada is leading the charge,” said the star of Dragons’ Den and Shark Tank.
“This is the one that is sparking the most interest globally.”
The international interest in the budding industry is not focused on the upcoming legalization of marijuana for recreational use, he explained, but rather the potential for Canada to lead the way in the science and production of medicinal cannabis.
“Canada can own it,” he said. “That potential I’ve never seen in my investment lifetime.”
O’Leary was the keynote speaker Friday at the second annual Grow Up Cannabis Conference & Expo in Niagara Falls.
The former Conservative leadership candidate said he’s been researching the marijuana industry for a number of years and sees the potential to make to make huge profits, yet he has yet to jump on board.
O’Leary said he and other potential investors remain on the sidelines due to U.S. federal laws.
In the United States, cannabis is classified as a Schedule 1 narcotic under the Controlled Substances Act, along with LSD and heroin. Possession of a Schedule 1 drug, and distributing it over state lines, is a federal offence.
Those restrictions, according to O’Leary, means billions of investment dollars are not being spent. His advice to cannabis entrepreneurs is to petition the government to remove the Schedule 1 classification and have cannabis regulated by the Food and Drug Administration as a medical product.
“Recreational is going to be a very difficult business,” he told the crowd. “Medicinal is much more interesting because the market is global. The size of that market is absolutely immense.”
The Grow Up Cannabis Conference & Expo, held at the Scotiabank Convention Centre, included more than 120 speakers and industry experts as well as 200 exhibitors.
“When people ask what I do for a living, I tell them I’m part of making history,” said Tweed spokesman Alan Cooke.
Tweed, a subsidiary of Canopy Growth Corp., is the largest federally-licensed cannabis production facility in the world.
The company has grown substantially since setting up Tweed Farms in Niagara-on-the-Lake four years ago.
From an original workforce of 30, there are now 200 employees.
“With more to come,” Cooke added.
The facility itself has also grown. Originally 350,000square-feet, it is now being expanded to approximately onemillion-square-feet.
The Grow Up event continues Saturday. For more information, visit www.growupconference.com.