Recently, President Joe Biden announced plans to pardon those convicted of simple cannabis possession. This has led many to question whether this could be the first step towards full legalization of cannabis or federal declassification. Many are wondering if the United States will follow the same path as Canada, which fully legalized in 2018.
Shimmy Posen, a Canadian attorney who has been involved in cannabis company finances, mergers and acquisitions for more than a decade, believes it will eventually lead to the United States legalizing cannabis, as Canada did in 2018. thinking about. Markets and how much capital the cannabis industry can generate in international markets. “Being at the forefront of all this has made my desk the trading floor for certain peripheral elements of these deals. At times, I felt like a sports agent,” Posen said. “There were a lot of things that had to be worked out, such as how much producers could own, whether they would allow franchising, and so on, which made it very complicated. It was very knowledge-centric.”
Posen said he has worked with publicly traded Israeli and American companies, but is interested in countries where cannabis sales are legal. “Wherever in the world cannabis is impacting the capital markets, we are aware of it at our desks, advising our clients and helping them build their businesses. Including the acquisition of Sundial.”
Posen said Canada stands out in the global cannabis market because of its legal status. “What makes Canada different from the rest of the world is that this government has truly allowed cannabis to enter the capital markets and interact with the financial system,” he said. “But countries like the United States still have issues with cannabis in the banking system due to federal legality issues. Canada has no such issues because the illegality has been removed.”
Posen believes Canada is a world leader, but admits that the system is not perfect and has flaws that need to be worked out. It’s putting CBD under one umbrella,” Posen said. “A lot of people, especially those coming into Canada on flights with CBD products from the US, have a problem because they don’t think it’s a problem. But CBD is a controlled substance in Canada. Gasoline. You can’t buy it over the counter at stands or pharmacies, it’s regulated and controlled so it’s only available at licensed dealers.People often jump in and get into trouble because they don’t know this.”
Another problem Canada faces is that after legalizing cannabis in 2018, it was just flowers for about a year, Posen said. [was] Allow sale. “It took about a year for other products such as vape, concentrates, and edibles to become legally available. But I wouldn’t call them the ‘black market.’ I call them legacy markets. Consumers can now purchase all of these products at legitimate retailers. But it was havoc. Canada certainly shot a bullet at the rest of the world to see how this would work for fully legal cannabis. It’s starting to shift. Nobody goes out to buy moonshine. They buy hard his liquor of famous brands.same [idea] with cannabis. This takes time, but it’s a process. ”
Posen said he believes the cannabis sector in global financial markets will continue to grow exponentially and even skyrocket. “The projectile is clear: the industry today is so huge it will only grow. “One of the leading countries for medical cannabis in particular is Israel, which has really started the industry standard for medical cannabis.”
Posen said he is looking specifically at countries such as Mexico, Thailand, Germany and the United States, but he believes most countries will eventually allow legal and regulated cannabis sales.
He believes Biden’s recent announcement of a cannabis conviction is a good first step. I think it’s just going to let local jurisdictions decide what they want to do, like what happened during the ban.”
Although reluctant to provide a date or timeline, Posen said he believes legalization will come to the United States. And many other countries will soon follow suit and legalize it. Because many countries have made it illegal because of the United States,” Posen said. “People want individuals to make their own decisions, but at the same time we don’t encourage children to do that. It’s about freedom but responsible use. The sky is the limit.”
For more information, or to contact Mr. Posen, please visit: Garfinkle Biderman page.