U.S. Laws Must Catch Up: Why Cannabis Entrepreneurs are Moving to Canada

The United States’ cannabis industry is growing every day, but
Canada still has a one up. Canada cannabis companies can legally perform
research and banks don’t have an issue with accepting cannabis currency.
Because of this, American businesses are starting to move up North.

According to CNBC, this is a regular occurrence
for U.S. businesses. “We don’t have a roadblock in regards to banking; we
don’t have a roadblock in terms of conflict between state and federal
law,” stated Brendan Kennedy, who serves as president of a facility called
Tilray in British Columbia. “We’re
one of 15 companies licensed to produce cannabis for patients.”

Tilray is able to grow 4,000 kgs (nearly 9,000 lbs) of
cannabis a year, and the group receives government funding in the form of
grants to carry out their research. Kennedy also runs Privateer Holdings, which is the
company that owns Leafly and Marley Natural. Although they have
been doing great work and making good money in the U.S., they have chosen to
branch into Canada to tap into the freedom available there for entrepreneurs.

“We like tight, tough regulations, but we also like
clarity, and there just isn’t the type of clarity that we see in Canada … in
the U.S.,” he added in the interview. The facility Kennedy runs is
equipped with security and the ability to store millions of dollars’ worth of
cannabis. Kennedy also has the luxury of not having to store any cash on site.

“We bank with RBC, Royal Bank of Canada,” he stated. He also added that he
feels it is important to keep up with quality control and take advantage of the
lack of research restrictions in Canada.  This allows for them to tweak their product
and make the best cannabis possible, instead of going by a trial-and-error
method.

All things being said, it makes sense that businesses are craving the
freedom of the Canadian cannabis industry. However, let’s hope that further
legalization and rescheduling will allow for more research, will keep
attracting more business and further expand the cannabis and acceptance throughout
the U.S.