Producers um which also play a very significant role in exporting cannabis uh to to all corners of the of the globe um but i think everyone is looking at the usa as the sort of um as the as the big driver of growth. In cannabis um and so i think last year uh 2020 was an interesting year because um cannabis stocks cannabis sales uh skyrocketed in the u.s we had a 50 uh growth in uh in the industry hemp cream for pain
Reaching about 20 billion dollars um that growth slowed down slightly in 2021 but still very positive momentum um but interestingly enough the equity markets when you. look at cannabis uh have declined very significantly from sort of the peaks uh towards the end of 2020. and i think a big reason for that has been the fact that um a lot of um stakeholders had anticipated the democrats to really be proactive.
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When it came to moving legislation forward in terms of federal uh legality of cannabis and the democrats. have obviously have have had a very difficult time uh in terms. Delivering on the the core sort of um policies and so i think cannabis has taken a bit of a back seat uh and so as a result. I think some disappointment in expectations of what the democrats are uh will deliver in the way of cannabis um as well as some challenges. Extremely um high operating costs uh extremely high tax. Rates and certain jurisdictions um have meant that quite.
A number of cannabis operators. In the us have actually struggled. To get uh you know to actually scale and and grow um and so we see an interesting disconnect where certain moss or multi-state operators are performing well um you know quarter and quarter very strong growth patients number. growth and so forth um but a significant percentage of the industry is is struggling and those companies.
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Are sort of dragging down the performance of the industry. So i think the um the midterms
are in november this year uh and we don’t expect uh the uh the the democrats to move.
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In terms of um federal uh uh legalization of cannabis or in some shape or form. And so and the democrats are republic are expected. To lose the senate and the house um so that makes. It even more difficult in terms of the second half or the second half of biden’s term.
So a mixed bag but the um we are we are definitely seeing um very compelling industry growth. In the us no absolutely.
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I mean i saw a vice documentary the other day uh it must have been a few weeks ago.
where they were spotlighting this or this connection in the californian market uh and i mean realistic.
Estimates even placed the illicit california market at 10 billion health which was a number. Considering uh the market was doing around 20 billion legally taxable so the u.s has a lot of potential.
It is a massive consumer-driven market adult use will eventually cover. I anticipate most of the jurisdiction um in regards to that.
I mean let’s shift maybe to canada a bit um canada obviously very early to the game heavily involved i see there’s a lot of movement in terms of the psychedelic approvals landscape of canada. We know that canada has been somewhat restrictive in terms of imports into the region. So that’s been well documented by njbis. In the past i think going back to september 2020 um so any anyone looking to export. To canada has got a lot of work ahead of them for that because you won’t get it done easily.
And also they’re sitting on a billion grams of uh of cannabis that’s inventory that needs to move into markets. And we do see the european markets becoming more selective. But let’s not talk about the psychedelic what excites. You about that psychedelic movement uh obviously a lot. Of the pioneers on cannabis have set the pace for that but it’s good to see. That there is progress uh from health canada in that front definitely. I think um the psychedelic spaces is certainly an area that we watch closely um the um the the main.
Sort of uh um selling point if you will of psychedelics or why it has such a strong focus. Because of its uh numerous broad applications and related to mental health related. To for example chronic depression.
Post-traumatic stress disorder um and you know we’ve we’ve we have a situation. Where um we do have a global mental health crisis. And i think that’s undeniable i think covert has definitely amplified. it and and um you know. whether it’s economic or uh uh social um challenges um there hasn’t been a need for a solution.
That is sustainable as as what we have uh today and psychedelics really. Lends itself well to a lot of these um sort of challenge mental health. Challenges um and so we are still you know relatively. Early in the psychedelics game there are a number of um entrepreneurs and and companies.
That are really throwing. Incredible capital. Behind the research and of these compounds and mapping them to particular conditions and forming protocols. And so forth and so it’s an area that we are watching very closely we’re excited about Canada.
I think is is playing a very important role in terms of uh you know sort of taking early steps and and and forming a conducive environment by which uh in which the sector can can actually get onto its feet and and really realize. This potential exciting space to watch no fully i mean the thing that’s also interesting is i saw maps the multi-association or multi-disciplinary association of psychedelic studies had a breakthrough in the uk. Recently as well with um getting some approvals on that front so i think let’s jump to the uk uh for discussion.
The uk naturally is quite interesting. I mean you you’ve studied in the uk you have some relationship back to that i mean we know the market there is obviously specialist driven. so you know about a quarter of the uk.
Can prescribe i know patient accounts uh if they have not had a 10 000 mark they’re very closely approaching. That however when it comes to the nhs only i think three or only a handful of patients. Have actually gotten coverage so mostly from the private space and we’ve also seen the move with novel foods.
And dossiers so could you tell me about your view on the uk. How how it’s kind of approaching cannabis and its integration sure so the uk is an interesting one. Because um if we sort of travel back to beginning of uh 2019 when the uk legalized um uh or at least set up a framework for approvals for medical cannabis legalized medical cannabis um i think um in a three to six month span we had something like 12 approved patients um you know so you know it uh the head it was a headline grab of everyone getting excited about the uk opening up the the cannabis industry um but it became pretty clear that the political will in terms of making uh cannabis.