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News from Canada: 58 Licensed Producers approved

News from Canada:  58 Licensed Producers approved

Canada has recently approved four more licensed medical cannabis companies, bringing the total number of Licensed Producers to 58.

Canadian regulators implemented new rules at the end of May to streamline the licensing process, to ease the backlog of applicants (428 as of May 25) and boost cannabis production nationwide. As a result, 14 cultivation licenses have been approved in the past four months. However, only a little more than half of the LPs — 33 — are allowed to sell cannabis to registered medical consumers, while the rest are still in the process of gaining that authority.

To start cultivation, independent growers and prospective Licensed Producers (LPs) need legally obtained “starting materials” — currently less than 10 LPs offer starting materials for sale, which include seeds and live plants. Increasing the number of producers that can legally sell Health Canada-approved starting materials has the potential to eventually boost the overall supply of medical cannabis.

The government’s actions to increase supply of cannabis into the legal market are designed to prevent users returning to the black market, which would negate the reason for legalisation in the first place.