As many know, Canadian legalization starts today and this has given pause to many US-based cannabis companies pause. Due to the federal stance on cannabis, many US cannabis companies are worried about losing their dominate hold on the market as they are unable to access to traditional banking or institutional financing, making it hard for them to operate their businesses.
This has sparked Terra Tech Corp. (OTCMKTS:TRTC) CEO Derek Peterson to take out a full-page ad in the Wall Street Journal to petition the White House for measures that will protect the US cannabis industry, according to an article in The Chronicle Journal. Peterson thinks the solution to this problem is for the US government to allow states to enact their own cannabis regulations, which will allow cannabis companies to fairly compete with the Canadian market and to protect the domestic industry. President Donald Trump has given assurances to California Congressman Representative Dana Rohrabacher that he plans to proceed with reforming the federal cannabis laws surrounding medical cannabis once midterm elections are over next month.
FSD Pharma Inc. (CSE:HUGE) Director Anthony Durkacz weighed in on the ad taken out by Peterson. Durkacz believes that the Canadian market could be the tip of the iceberg if Trump decides to take Peterson’s advice and reforms the US’s cannabis laws.
“The global cannabis boom, for raising money in Canada, has just been absolutely incredible,” said Durkacz. “Canada is a very, very small country — economically we are tiny. There’s more money in Manhattan alone than all of Canada, by multiples. For us, where the good times and the bullish market will continue is if America legalizes cannabis.”
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