Miners, Oil and Gas Workers Entering Cannabis Industry

[dropcap class=”kp-dropcap”]F[/dropcap]or a while now, the oil, gas and mining industries have both been suffering setbacks and financial issues, all while the cannabis industry blossoms and grows. Now, many from those suffering industries are beginning to enter the world of legal cannabis.

According to Reuters, many Canadian miners are now looking to join the cannabis industry, as recreational cannabis is now legal in Canada and the price of precious metals has dropped.

“With the downturn that the mining industry has suffered, I think the smart and innovative entrepreneurs in the sector are looking for other asset types that can rebuild businesses and restore lost value for shareholders,” said John Fowler, Supreme Pharmaceuticals’ chief executive. The company was once a mining operation, but now, they have invested in greenhouses.

Additionally, The Cannabist reports that Avalon Oil & Gas, a company based in Minneapolis, Minnesota is now switching to manufacturing personal CBD products. The change is a result of several years of the company trying to turn a profit, and although it is an abrupt shift away from what the company used to do, it doesn’t seem to be that unusual in this day and age.

This represents a pretty serious shift in attitude for many in the mining, oil and gas industries, considering that a lot of people in those industries are more socially conservative and oppose cannabis. In fact, Canada’s oil and gas industry once made a public statement against cannabis legalization and many companies elsewhere share similar sentiments.

Still, as the legal cannabis industry continues to evolve, it will gain more and more respect, and also become an increasingly lucrative opportunity. It is no surprise that many companies in industries facing a downturn are getting involved.