Walmart Canada is set to sell cannabis products
The Canada cannabis craze is sweeping the nation with both consumers and retailers eagerly awaiting its legalization date of October 17th. Previously we looked into the supply verse demand for the products in Canada with over 400 tonnes of products having to be supplied from other means. To jump on the trend and potentially fill the gap in the market, Walmart’s Canada unit announced on Tuesday that they are exploring cannabis-based products. However the superstore franchise also mentioned that they will not get into the business right away.
Walmart is the first giant retailer to show an interest in the cannabis industry and it makes sense considering the growing market trend of the products. Retailers like Walmart already stock alcoholic beverages in the US and from so the jump to cannabis-infused products isn’t that far.
Retail stores aren’t the only ones showing interest in the marijuana industry. Last month Coca-Cola stated that they are watching the marijuana drink market very closely and are considering making an entry. Additionally Corona beer maker Constellation Brands have invested over $4 billion in Canopy Growth, a cannabis producer.
Diane Medeiros, a spokeswoman for Walmart, stated to sources that like any new industry Walmart Canada have done extensive research into the emerging market and have no plans to invest in cannabis based products right away.
At the end of the day, Walmart’s shares rose by 2 percent finishing at $96.67.