An official with a large Canadian producer of medical cannabis is confident consumers will be adequately supplied come next July, but says production will need to be increased.
He has urged other companies to ramp up their production ahead of next July 1, when recreational marijuana is expected to be legalized.
“We need to expand our capacity right away simply to meet the demands of the rapidly growing medical cannabis system,” said Cam Battley, of Aurora Cannabis Inc. “When the demand of the adult consumer system is layered on top of that, it’s a rush to build as much capacity as possible.”
Battley made the comments on the same day that Aurora (TSX:ACB) began trading on the Toronto Stock Exchange.
Alberta-based Aurora, one of several producers now listed on the TSX, is building what it describes as the world’s largest cannabis production facility at Edmonton International Airport.
Battley said Canada has a well-developed and successful medical cannabis system.
“This is a coming of age for the cannabis sector, and what we’re seeing now is that Canada has established itself as the world leader in a brand new emerging industry,” he said.
Battley added that officials from around the world have been coming to his facility in Alberta to visit and to learn how Canada has been so successful both on the medical side and on the consumer side.
“The global movement is being led out of Canada.”
Jordan Sinclair, of Canopy Growth Corp. (TSX:WEED), another major medical cannabis producer, agrees.
“There’s no doubt that Canada is the global leader in medical cannabis,” he said.
“The demand doesn’t seem to be slowing down on the medical side of things and then with recreation, obviously that’s a massive market opportunity.”
Sinclair pointed out that Canopy, whose headquarters are in a former Hershey chocolate factory in Ontario, was first listed on the big board of the TSX in July 2016.
Health Canada says there are 52 authorized licensed producers of cannabis for medical purposes.
Ontario has issued 29 licences, BC has 12.
Peter Rakobowchuk, The Canadian Press