The Canadian government legalized cannabis for recreational use on October 17, 2018, making it the first G7 nation, and second country in the world to permit a nationwide cannabis market. Canada has a unique opportunity to position itself as the global leader in an estimated $57 billion industry within the next ten years.
In this fast-paced environment, Prince Edward Island (“PEI”) has the opportunity to leverage its existing world-class resources to develop a PEI based Cannabis Industry Cluster composed of companies and organizations which develop new, safe and reliably-dosed cannabis products and delivery systems, conduct medical and therapeutic research as well as improve extraction technologies.
The proponents of this plan have developed an industry-led, not-for-profit organization called the Canadian Centre of Cannabis Innovation (“C3I”) whose mandate is to help coordinate and facilitate the growth of the cannabis industry on PEI. PEI has one of the strongest and most well-respected food and bioscience clusters in Canada. The world-class facilities and strong ecosystem that currently exists on
PEI in both the bioscience and the food industry will allow PEI to play an integral role in product development and innovation in the cannabis industry. Coordinating and leveraging the current resources on PEI will not only open opportunities to support regional, national and international companies but will also support the attraction of innovative cannabis companies, supporting economic growth and bringing new and highly qualified jobs to PEI.