- Upcoming U.S. elections has potential to radically alter state of U.S. cannabis industry
- Democratic Vice-Presidential candidate Kamala Harris stated that potential Biden administration would seek to decriminalize use of cannabis
- Five states will vote on legalizing recreational or medical use of marijuana this November
- Canadian cannabis producers have benefited from experiences gleaned from operating over last two years under Canada’s existing legal framework for cannabis industry
- Pac Roots Cannabis has taken number of steps to ensure end product quality, helping boost company’s competitiveness if U.S. cannabis industry decriminalization comes to fruition
For Pac Roots Cannabis (CSE: PACR) and the rest of the Canadian cannabis industry, the upcoming U.S. elections promise to help determine the sector’s fortunes going forward. Polls carried out in the U.S. have shown that over 66% of the population favor legalizing marijuana—a figure illustrating a meteoric rise over the past decade, having increased by 30 percentage points since 2005 (https://cnw.fm/c9dis). The growing level of support for the decriminalization of cannabis has also spilled into the political arena, with Republican lawmakers having sponsored marijuana legislation and co-chaired, along with Democrats, the U.S. Congress’s Cannabis Caucus (https://cnw.fm/N3lw8).
Meanwhile, Democratic vice-presidential nominee Senator Kamala Harris has publicly affirmed that a potential Democratic administration would seek to ‘decriminalize the use of marijuana’ (https://cnw.fm/VHDfY)– a policy which could results in significant gains for the legal Canadian cannabis industry.
However, the positive currents buoying the industry are not solely predicated on a Democratic administration being in place, with restrictions potentially being lifted even if President Trump is re-elected and Republicans keep control of the Senate. Five states are set to vote on legalizing recreational or medical marijuana in November, including New Jersey and Arizona (https://cnw.fm/nuUTn). A successful vote in favor of the measure in all five states could result in estimated sales of up to $400 million in each state in just the first year, according to the Marijuana Business Daily (https://cnw.fm/6FTcB) and would make the medical use of marijuana legal in 38 states with adult-use permitted in 14 of those, including Washington D.C.
A move towards full legalization would unlock the world’s largest cannabis market, with Canadian producers possessing a significant edge in the race to conquer the new market. With the Canadian legalized cannabis market now over two years in the making, CEO of Aurora Cannabis Miguel Martin noted that the country’s marijuana industry had gained valuable experience, which could hold them in good stead in the event of US legalization.
“Those lessons on manufacturing, labelling, sales and marketing, all of those principles … will be very applicable to the U.S. market,” he said.
Pac Roots Cannabis has recently undertaken a number of steps designed to help ensure the quality of its product, measures which should boost the company’s profile and competitiveness in the event of a fully legalized US market. The Company has sought to leverage upon the exceptional genetics of its specialized cultivars as well as an innovative proprietary cultivation technique to ensure the production of extremely high-quality strains.
More recently, the Company announced its entrance into a strategic licensing agreement with Phenome One Corp (https://cnw.fm/OtYx4) –a venture which would provide Pac Roots Cannabis with access to one of Canada’s largest live, genetic cannabis libraries with lab and field-tested, selectively bred seedlings which the Company has employed to grow, breed and clone for its own unique brands. The partnership has enabled Pac Roots to offer customers a remarkable portfolio of over 350 meticulously-designed cultivars, ranging from CBD-dominant plants with rare terpene profiles to plants with over 30% THC-content as well as West Coast outdoor, botrytis-resistant cultivars.
A recent study carried out by Data Bridge Market Research found that the value of the global legal cannabis industry was set to soar to an estimated $90 billion per annum by 2027 – while only representing 10% of annual tobacco sales around the world, the figure represents a significant uplift to the $17.7 billion worth of the industry in 2019 (https://cnw.fm/C2Vda). In the event that the US market shifts towards decriminalizing the use of recreational cannabis, the projected figures could be set to soar – along with the fortunes of companies like Pac Roots Cannabis and its peers.
For more information on Pac Roots Cannabis Corp., visit the company’s website at www.PacRoots.ca
NOTE TO INVESTORS: The latest news and updates relating to PACR are available in the company’s newsroom at http://cnw.fm/PACR
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