In response to the troubling information yesterday that U.S. Attorney General Jeff Sessions is rescinding federal marijuana protections, Canadian licensed producers are distancing themselves from any trace of American enterprise.
On Friday morning, Canopy Growth Corporation issued a press launch reminding its Canadian and worldwide buyers that the cultivator solely conducts enterprise the place they’re welcome.
“Canopy Growth Corporation wishes to reiterate its commitment to only conducting business in jurisdictions where that conduct is federally legal,” stated the corporate. “Conducting activities which are federally illegal, or investing in companies which do, exposes the company to increased risk of prosecution.”
Although Canopy expressed its views in no unsure phrases, they did take the time to level out its executives don’t see eye to eye with the Attorney General’s determination. The firm added that the coverage change in America will solely profit Canadian marijuana producers as a result of it retains the U.S. out of the worldwide hashish panorama.
“We want to make our position as clear as possible,” stated founder and CEO Bruce Linton. “While Canopy does not support continued cannabis prohibition, it is management’s view that confusion surrounding federal cannabis laws in the United States presents advantages for Canopy Growth, not risks. We are confident in our position because we have exclusively focused on ethical, responsible, and legal cannabis opportunities across the globe and not in the United States.”
Aurora Cannabis, arguably Canopy’s largest competitor, shared the identical opinions on the topic. Executive vice chairman Cam Battley referred to as the U.S. transfer “misguided public policy,” but in addition agreed that this could solely be excellent news north of the American border.
“It cements the fact that we will not be seeing, for the foreseeable future, well-capitalized U.S. competitors as we expand our operations around the world,” stated Battley. “And it just prolongs that unusual situation, where large-cap Canadian cannabis companies have the world to ourselves.”
Several Canadian hashish shares dropped double digits after Sessions’ announcement however rebounded by the top of the buying and selling day.