The legal cannabis industry in Canada is already forecasted to be worth over $22-billion per year, but small examples of how the industry is benefitting our economy can already be seen. One such example, is the small town of Smiths Falls in Ontario.
In 2013, Tweed Inc. purchased an old Hershey chocolate factory in the town, and has since grown to be the biggest employer in Smiths Falls. Tweed’s employee base is currently near 300 people, and that will only continue to grow.
“What that means to the town is huge,” Cyril Cooper, economic development manager for Smiths Falls said. “We’re already in the business development side working with companies that want to support that cluster, that development.” Expansion plans announced earlier this summer mean the company will have a footprint as far west as Alberta, and as far east as New Brunswick. [Global News]
As of May 25, 2017, Health Canada had received 1,665 applications to become licensed producers of cannabis for medical purposes, 45 licenses are already issued. The potential is very big for the economy!