Unless you have been living under a rock you know that Canada is about to legalize cannabis commerce across the nation tomorrow on October 17th. After decades of the failed and harmful policy of cannabis prohibition, the Great White North will set an example across the world on how legalization will create jobs and generate revenue, without the sky falling. Mad Money’s Jim Cramer expects Canada’s cannabis law to ripple across its borders to disrupt many industries, similar to how Amazon has impacted various business sectors, as CNBC reported:
“That’s right, when you look at every industry where pot could potentially compete, there might be as much as a half a trillion dollars in sales that are going to be disrupted, everything from carbonated beverages, beer, sports drinks, tea, coffee, tobacco, [and] snacks [to] all sorts of medications,” he continued.
Cramer’s $500 billion estimate came from speaking with business leaders in the cannabis industry, many of whom agree that marijuana has the power to disrupt major industries including alcohol and pharmaceuticals.
“I believe we’ll soon see studies showing that it’s a better, safer way to fall asleep than most sleeping pills,” he said. “I bet we’ll see studies demonstrating that it does more to reduce swelling than pretty much anything else on the market. It might be an alternative to tobacco. It certainly is an alternative to an epidemic of opioids.
While some alcohol, tobacco, beverage, and pharmaceutical companies will lose revenue share due to cannabis, smart companies are investing in the industry. “If you can’t beat them, join them” and “follow the money” as the sayings go. While cannabis commerce will create jobs and revenue for those directly working with the plant, ancillary businesses that cater to cannabis businesses can also thrive. Specializing in ever-changing regulations and adapting to the mainstreaming of the industry and culture can help various business sectors establish beneficial relationships with cannabis businesses.
Thank you to everyone in Canada that has worked so hard to end prohibition. Let’s continue the fight to improve the laws and regulations nation by nation.
Don’t miss the opportunity to network with top investors and entrepreneurs and learn the latest industry trends at the upcoming International Cannabis Business Conference in San Francisco on February 7-8, 2019. Purchase your early-bird tickets by January 18th to save. After San Francisco, the ICBC heads to Europe for events in Barcelona and Berlin.