Is the cannabis industry all smoke and mirrors?
"It seems as though the percentage of population who are using it today is about the same as forty years ago. So if that's the case, and I think it’s been realized in the US markets as well, let’s put a process around it, let’s decriminalize it, let’s distribute it [in a responsible way]... and make a revenue stream out of it. "
~ Kevin O'Leary's response when questioned about concerns of cannabis legalization in Canada
With Canada's role as the first G7 country to federally legalize cannabis, the influence of marijuana as a contributor to the economy and global politics is a hotly debated topic. While your initial thoughts might gravitate towards the recreational potential of cannabis, many reports such as Ernst & Young's Recent Analysis estimate that the biggest successes for the future of cannabis will be outside of personal use. Specifically the report estimates that uses will range from,
"Primarily 75% medical and research use, 50% simplifying regulations, 37% refining and extraction, 37% production consistency, 37% non-smoking derivative products"
Back to the... past?
Given the long (and still mostly) illicit status of the drug worldwide, the technology and potential for cannabis based products have been relatively unexplored. But, before use cases can be discovered and medical claims can be verified, entrepreneurs must return to the renaissance of manufacturing, extraction and production technology, akin to birthing the oil industry in 1859.
Could cannabis be a new oil for Canada?
In this cast we talk to Motif Cannabis Co-Founder and serial entrepreneur Ian Haase about his experience founding companies, and now joining the founding team to take oil extraction head on. Specifically, we chat about:
Ian's experience as an entrepreneur during the 2008 crisis, and how he's taken this knowledge and applied it towards mentoring young entrepreneurs at Western University.
The unique challenges facing entrepreneurs who working in the cannabis world. Do you know what an ACMPR is? What about raising money from angels?
Age bias in the world of startups, and some of the benefits of experienced team members when it comes to answering 'non-googleable' questions.
More on Ian Haase
Food For Thought 🍍
When a novel technology, commodity or product emerges in a sector of the economy, entrepreneurs tend to narrowly focus on a the specific use. A more intriguing idea is to think about how that shift changes our entire mental configuration of what that sector means and how it fits into the world.
In the Autonomy Ecosystem, if one removes the human operation of a car, how does that change the concept of what a car is? What it looks like, how it's organized? The value chain it operates in? How cities are organized? How cities are defined?
"Today a car manufacturer has to design and manufacture a car that does many different things... [but with the addition of smarts and autonomy]... we can have many specialty form factor cars do each of those tasks in a specialized way." - Frank Chen, partner a16z, on The Autonomy Ecosystem: The Value Chain
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Music Credits to: Dlay — Far Away Place (Intro) The Ant — Libby Hill
Design inspiration: BlockChannel Media