Canada’s Cannabis Growth Slowed Due To Federal Gov Inaction, Key Industry Leader Says
Canada’s legal cannabis industry, once a herald of progressive drug policy, is showing a steady decline in sales and increasing rates of bankruptcy protection filings among marijuana companies. This troubling trend has put the spotlight on the federal government’s sluggish pace in reforming policies that are crippling the sector’s growth potential.
Omar Khan, a public affairs veteran and a key figure at High Tide Inc. (NASDAQ:HITI), set sights on the federal government, expressing a growing frustration within the sector. In an article published by the National Post, Khan criticizes the Trudeau administration’s tepid engagement with the pressing issues plaguing Canada’s legal cannabis market.
Illicit Sales Undermine Canada’s Legal Cannabis Market
Despite the initial promises of the Cannabis Act in 2018, which sought to eradicate illegal sales and ensure public safety, the reality has been starkly different. According to a 2022 Deloitte report, while the cannabis sector has injected an impressive $43.5 billion into Canada’s GDP and sustained over 150,000 jobs, …