The Canadian Chamber of Commerce, through their officially established National Cannabis Working Group, will be reviewing the Cannabis Act that presides as law over the industry in Canada.
The review will be a chance to provide feedback on how Canada can improve their framework, and what kind of changes could potentially be made to make legal cannabis in the country even better and to work out existing kinks and issues. The Canadian Chamber of Commerce is a group that helps look into the economic implications on and from the cannabis industry, and they hope to learn a lot from taking a closer look at the industry.
“As the first among larger developed economies to legalize recreational cannabis for adult use, Canadian cannabis companies have learned first-hand about what parts of the Cannabis Act and associated regulations have worked and what haven’t,” said Ryan Greer, senior director, Cannabis Policy at the Chamber and co-chair of the Working Group. “Through this review, the industry will provide thorough recommendations to the federal government about what changes are needed so industry can better compete with the illegal market, create more jobs, maintain Canada’s leadership in global markets and help the government achieve its health and safety objectives.”
Legal and Social Reviews
Legal as of 2018 in Canada, the Act must be reviewed three years following legalization in order to keep up with the agreements of the original legislation. The review must be launched October 17, 2021, on the anniversary date, so it’s important that the industry start preparing now. Leading the review will be Eric Foster of Dentons Canada, a major cannabis practice in the country providing legal counsel to the Canadian cannabis industry. Supporting the review will be Davies, another cannabis industry and investment law firm.
Talks will begin this fall to gain more insight into what should be looked at during the review. These conversations will take place virtually in order to be socially distanced and safer, and will provide the public with a chance to let their feelings be known. The initial conversations will set the stage for the actual review to take place in 2021.
“I am both honored and excited to be working with the Canadian Chamber of Commerce on this initiative to bring necessary and meaningful change to Canada’s cannabis regulatory regime,” said Foster regarding the Act he plans to review and the information he plans to gain. “Our engagement with leading industry stakeholders will surely result in recommendations that will enable Canada’s cannabis industry to thrive in a safe and responsible manner, in addition to achieving economic benefit for all Canadians.”
Consultations will be held publicly to discuss the industry, and those interested in attending can register here. It will be a while before Canada has the results of this review and will know about any changes, but talks are beginning to take a serious look at ways to improve the industry for the coming years. A year from now, much more will be known about the future of cannabis in Canada, one of the countries paving the way for a global industry.