The Globe and Mail reports in its Monday, Oct. 13, edition that there are rich opportunities globally for Canada in the medical cannabis space -- if we can navigate the pitfalls. The Globe's guest columnist Rick Savone writes that Canada was an early mover to legalize and regulate cannabis. This positioned Canadian producers to lead globally as demand for medical pot grows. From 2018 to 2024, cannabis has added about $76.5-billion to Canada's GDP and supports over 98,000 jobs. Canada's initial lead in the cannabis industry is diminishing due to outdated barriers hindering producers from fully capitalizing on medical cannabis exports. A national cannabis export strategy is essential for maintaining a global advantage.
Canada lacks domestic Good Manufacturing Practices (GMP) certification for cannabis, relying instead on Good Production Practices. GMP certification is essential for exporting cannabis to international markets like Europe. As a result, Canadian exporters must obtain GMP approval from each importing country, leading to a costly and redundant process that allows foreign regulators to control quality standards. Canada is not leveraging its leadership role internationally.
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