Three years after Canada legalized cannabis, the industry appears ready for a reset.
When midnight struck on Oct. 17, 2018, Canada became the first developed nation to allow the sale of cannabis for recreational purposes, and since then the industry has had its share of ups and downs. While billions of dollars worth of legal pot has been sold across thousands of licensed stores, helping to stamp out roughly half of the illicit market, it’s also seen many cannabis companies cumulatively post billions of dollars in losses as market dynamics warped lofty expectations made in the early days of legalization.
But change may be afoot as the Canadian government undertakes a lengthy 18-month-long review of the legislation that legalized cannabis, which many in the industry hope will address several shortcomings and stabilize some of the more tenuous parts of the sector, like lowering fees or amending packaging and potency requirements.
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