Derek Peterson, the CEO of the California-based cannabis producer Terra Tech, is watching the cannabis industry explode in their neighboring country to the North. While he is watching carefully to what is unfolding, he also fears that they will control the market with noticeable changes already making their way into the US.
Peterson stated that he is concerned for some of the companies in the market as Canadian companies will soon stomp all over their industry and eventually push them out.
Canada is set to legalize the recreational use of marijuana on the 17th of October with the base price for these products already sky rocketing. With the large increase in price from all dealers, these startup companies that are emerging in Canada will have a large amount of resources to start their empire in Northern America.
While Canada is already fast approaching the legalization date, the US is still prohibits the recreational use of the drug in some states which is hindering the US companies potential growth.
Peterson mentioned that the US only has a few years to sort out their legislation to allow the US to capture this market before Canadian companies will run rampant through the continent. He specifically stated that if there is no change to the law by next year, they may as well leave the industry as Canada will have free reign over them.