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North America's cannabis industry is growing and changing in dramatic ways every day. While it's difficult to predict exactly how those changes will take shape in the months and years to come, keeping abreast of the ever-evolving cannabis climate is essential for those eyeing growth in the industry.
We asked five of the industry's biggest CEOs for their thoughts on what the future holds for cannabis. Here are their responses.
1. John Fowler of Supreme Pharmaceuticals
"The biggest change in the near term will be regulation. We have a clear timeline of legalization for adult recreational use here in Canada of July 1, 2018. I believe Canada will be first of many that will legalize cannabis for all adults, and an even larger list of countries will do so for medical purposes. In terms of the consumer side, I think we’ll see an evolution of products and technology for both production and use of cannabis. Even with this evolution, we believe firmly that high quality flowers will remain the backbone of any cannabis industry for the foreseeable future."
2. Andrew Modlin of MedMen
"In the short term, you will see medical marijuana markets continue to blossom in states like New York, Florida and Ohio. In the long term, you cannot ignore the impact California will have on the legal cannabis industry. California already accounts for almost a third of North America’s legal market, and that’s just medical. In 2018, the state will create a proper licensing program for commercial cannabis in what is the world’s sixth largest economy. California will set the trend for the rest of the country, and the world."
"The cannabis sector is a space ripe with boundless potential. It’s also an industry still clouded with a few stigmas. For many investors, it’s still something that they’d need to come to grips with. We’ve realized it’s our responsibility to educate every single investor, and each and every broker. If cannabis becomes legal in Canada by July 1, 2018 it will drastically change the landscape of the market overnight and it’ll be very good for both Licensed Producers and Canadians."
4. Dr. Stuart Titus of Medical Marijuana Inc.
"There will be more cannabinoids, and more acceptance of botanical cannabis. The U.S. will follow Canada in allowing licensed producers. The US will also follow Canada in terms of full recreational legalization."
5. Adrian Sedlin of Canndescent
"I’m not aware of an industry going through more dramatic change than cannabis. Looking back 25 years from now, it will be mainstream for people to give cannabis as a dinner party gift or for Walgreen’s to fill a prescription for a particular cannabinoid profile."