When Canada legalises recreational bhang Wednesday, market watchers predict the birth of a new industry — creating thousands of jobs, investor euphoria, a new tax source for governments and maybe even tourism.
Hundreds of licensed growers have sprouted in anticipation of the end of bhang prohibition, attracting major investment.
In just the past year, the market capitalisation of firms including Canopy Growth and Tilray has increased fivefold, to a total of more than US$10 billion on the New York stock market.
And with significant know-how gained since Canada’s legalisation of medical marijuana in 2001, others including Aurora and Aphria are making inroads abroad as more and more foreign markets allow therapeutic cannabis use and research.
Beverage makers and pharmaceutical companies are also partnering in the sector, hoping to develop new products infused with THC or