A Watershed Marijuana Event: Canopy Growth Makes The First Legal Export From Canada To US
Canopy shipped cannabis from Canada to the U.S. for medical research with the full knowledge of the U.S. government and approval from the Drug Enforcement Agency. Canopy's partner on the American side has yet to be announced but can now conduct medical research and has permission to conduct clinical trials, Canopy Growth CEO Bruce Linton told CNBC's Jim Cramer Friday.
"We shipped, for the first time, legally — and I highlight 'legally' — cannabis from Canada to the U.S,"
Cannabis products have a wide range of medical benefits and can "really disrupt" the health care market, Linton said. For example, cannabinoid therapies can be used to help people suffering from arthritic conditions, people with sleeping problems or those undergoing cancer treatment.
Why It's Important
Cannabis has the potential to disrupt $500 billion in global markets, Linton said. The pharmaceutical benefits, coupled with the potential to take market share from alcohol and cigarettes, means the figure is "not crazy," he said.
Canadian law will change Wednesday and permit full recreational use of cannabis. If Canopy is able to "do it right" in the Canadian market, then over time global governments will become more comfortable with the industry, the company's CEO said.
"All of a sudden, you add a zero or two to the number of people we're trying to serve."
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