Global Ganja Report

In a sure sign of changing times, the first cannabis-industry business has been listed on the NASDAQ stock exchange—raising clear questions about how long prohibition can hang on in the face of a burgeoning economic sector. Toronto-based medical marijuana producer Cronos Group won approval from the US Securities and Exchange Commission (SEC) to become the first cannabis company listed on NASDAQ, New York City's second biggest stock market, Bloomberg reported Feb. 26.

Colombia, long notorious as a violence-torn drug war dystopia, is now set to become a global leader in legal production of cannabis for the medical market. Vancouver-based International Cannabis Corp, also known as ICC Labs, is the latest foreign company to win a production license in the South American country. ICC Labs says it intends to cultivate "non-psychoactive" cannabis plants containing the cannabinoid CBD to produce various medicinal products for domestic and international distribution.

On the heels of December's British Columbia high court decision striking down mandatory minimum prison terms for cannabis defendants as "cruel and unusual punishment" in contravention of Canada's constitution, the provincial court system has now just applied similar principles to use of solitary confinement.

Many things are falling into place as Canada advances toward legal cannabis, expected to take effect this summer. Provinces are to come up with their own policies on regulation, and these are now congealing. The government of Nova Scotia has agreed on a plan to market retail cannabis at liquor stores through the provincial public company that now maintains a monopoly on alcohol sales, the Canadian Broadcasting Company reports. At the other end of the continent, British Columbia is also said to be considering such a plan.

The Appeal Court of British Columbia, the province's highest, on Dec. 28 upheld a lower court ruling that the minimum two-year prison term for marijuana possession "for purpose of trafficking" under Canada's Controlled Drugs & Substances Act is unconstitutional. Justice Sunni Stromberg-Stein dismissed the Crown's appeal of a 10-month sentence imposed when Phillip Francis McGee pleaded guilty after the Royal Canadian Mounted Police raided his home in Surrey.

Amid the controversies about federal versus provincial control of the cannabis biz as Canada prepares for legalization, another jurisdictional issue has emerged. At the annual meeting of the Assembly of First Nations (AFN) in Ottawa Dec. 6, leaders of Canada's indigenous peoples demanded the right to set the laws that will oversee cannabis within their own territories.

Pretty ironic timing. Just as Canada is moving toward legal cannabis, dispensaries are coming under more legal pressure and being forced to shut down—most recently in Toronto. On Dec. 7, the city's Cannabis Culture outlet—which had been targeted in a police raid back in March—finally shut its doors, and seemingly this time for good. The Ottawa Citizen reports that police arrived at the popular Cannabis Culture dispensary on Bank Street with a bailiff, who changed the locks and posted a notice on the door saying the lease was being terminated.

You know the times they are a-changing when Forbes magazine runs a headline predicting that the international market for cannabis will hit $31.4 billion within the next four years. This projection is based on  a new report from the Brightfield Group, a cannabis market research firm based in Chicago. Currently, the global market is estimated to be worth $7.7 billion, but a compound annual growth rate of 60% is foreseen as countries around the world liberalize their marijuana laws.