Cronos Group, Inc. (OTCMKTS:PRMCF) CEO and President Michael Gorenstein, and its marketing and communications head, Eric Klein, looked into the problems of exporting cannabis, latest corporate news, expansion programs, and more. Klein and Gorenstein anticipate to witness legislation deferred for almost two more months. Then the same will have to pass through numerous reads in the Canadian legislative setup before enacting it.
Once that happens, it will be up to provinces to commence working on own frameworks and implement own systems for working of distribution and specific regulation.
Commenting on how this progress would impact Cronos, Gorenstein reported that it is particularly good thing for them, but in terms of an entire set up, prepared to go recreational industry, it’s possibly looking like 2019. He has heard that mail directive recreational cannabis might be implemented before a retail framework is implemented, and that is possible.
As far as how this impact company, they would be somewhat agnostic. If recreational market doesn’t commence until 2019, that’s absolutely fine with company, as it permits them to focus on the global medical market. They don’t require recreational cannabis anytime soon to support demand. There is a shortage in Canada for the medicinal market, and when considered Europe, and other international markets were the governing environment is developing, such as South America and Australia, Cronos team don’t expect demand to be a problem.
When asked about how this process is going to be different in other regions other than the U.S. states, Gorenstein mentioned that what’s different here is it’s the preliminary G7 to approve recreational cannabis.
The data is being collected and next targets are Oregon, Washington and Colorado; that’s a different scenario than what Cronos have here. Canada extremely inhibited; there are fewer producers. In Canada, the participants would be able to use credit cards, bank accounts, things will be open as there will be a full blown legislative procedure, instead of a gray market decriminalization.