Cannabis companies like GreenStar Biosciences Corp. (CSE: GSTR) and Couche-Tard are trying to take advantage of the developing cannabis sector and become key players.
Since legalization of marijuana in Canada and some US states at the end of 2018, the cannabis market has exploded. The industry is still developing and there are still opportunities abound for companies in race to be a dominant player in the cannabis business.
Take the example of GreenStar Biosciences Corp. (CSE: GSTR)whose management team has gained a lot of experience and learnt from the mistakes of players in the Canadian cannabis market. GreenStar specializes in identifying and helping U.S. marijuana companies succeed, with a particular focus on rising regional stars. They are building a diverse portfolio of North American companies with unique vision and make them successful by sharing their expertise. Their first tenant partner company, based in Washington state, Cowlitz, is a producer and distributor of high quality cannabis at low costs, and at the end of 2018 recorded an impressive revenue of $14.6 million in five year of operations. GreenStar allows investors to access the top cannabis companies in North America with just one stock and minimal risk.
Another company that aspires to become significant in the industry is Couche-Tard. Couche-Tard wants to be one of the “key players” in the North American cannabis market and intends to use Canada, where recreational use of this substance is legal, to achieve this objective.
But the know-how developed by the convenience store and gas station operator will not be deployed in Quebec, where sales are made through the Société québécoise du cannabis, said Alain Bouchard, founder and executive chairman of Couche-Tard’s board of directors, on Wednesday, during an interview at the annual shareholders’ meeting held in Laval.
“I think it’s a shame for Quebec, because this project will go outside Quebec,” he said, along with the retailer’s president and CEO, Brian Hannasch, and CFO, Claude Tessier. “When we deploy a network in the United States, it will not include Quebec”.
In the past, the businessman had more than once denounced the government’s incursions into the retail sector and criticized the Société des alcools du Québec for its monopoly.
Unable to penetrate the Quebec cannabis market, the multinational company decided instead to turn to Fire & Flower, investing in this Alberta retailer in a transaction that could eventually allow it to acquire a majority interest in the company. This is in addition to its existing partnership with the Canadian cannabis giant Canopy Growth to operate private stores.
The cannabis market in the U.S. and Canada is expected to continue to grow at a rapid pace over the next few years and there will be plenty of opportunities for the right companies to cement their position.
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