Cannabis companies seeing big business in bud
Vancouver-based businesses were able to show off their products at a trade show aimed at promoting pot products over the weekend.
The show, attended by nearly 100 businesses, also served as an opportunity for entrepreneurs to learn about the multi-billion dollar industry.
Recreational marijuana will be legal in Canada on October 17. Leading up to that date, there has been a swell in interest in the industry.
“Right now is the time for cannabis industry,” said Amir Ahani, the owner of a tech firm that develops point of sale, or POS systems for cannabis companies.
Some companies are operating in a legal grey area leading up to the legalization. Products that do not contain THC don’t fall under the same rules as those that do.
Ivan Lloyd owns Native Seed Co. which specializes in the seeds of cannabis plants. If he wanted to get into business with a licensed producer, he would need to follow more regulations.
“All of the seeds then would be genetically certified so that we would be able to say what's in those packages are in them and then look at what the restrictions would be as far as labelling and marketing,” explained Lloyd.
There are concerns surrounding what impact being in the cannabis business could have. A prominent venture capitalist who started investing in budding U.S. cannabis startup companies a few years ago was banned while trying to cross the border. Others say they don’t think it will hurt their travel plans.
“I don't think we make it public knowledge that we're actually growers or that we're involved in the industry. It's not something I go to the border and boast about,” Lloyd told CTV News.
Still, with the entire country soon falling under the same legislation, entrepreneurs say Canada is still one of the easiest countries to be in the growing business.
“A lot of places are definitely a step back. I think Canada is one of the best places,” said Natalie Jade with Kush Oil.