SMITHS FALLS, Ontario - When Canada became the first major industrialized nation to legalize recreational marijuana, visions of billions of dollars in profits inspired growers, retailers and investors, sending the stock market soaring in a so-called green rush.

A year later, the euphoria has vanished.

"No one wants to invest in it now," said John-Kurt Pliniussen, a professor of marketing at the Smith School of Business at Queen's University in Kingston, Ontario.

That is because those who have invested have generally lost money. During the first year after legalization, the value of shares in Canada's six largest marijuana companies tumbled by an average of 56 percent, according to stock price data.

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There's no getting around it: Year one of legalized cannabis in Canada was a dud.

It was an unmitigated disaster for many investors. The bubble burst, and the shares of most large Canadian marijuana producers dropped by at least 50 per cent. The public markets are largely closed to the industry; at the moment, there's simply no appetite for more pot stocks.

The Trudeau government's goal wasn't to make shareholders or investment banks rich, though. It was to whittle down the black- market marijuana business. Giving cannabis users a place to buy regulated marijuana would generate new tax revenue, open up new business opportunities and reduce the burden on police and the courts.

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It is indeed sweet victory to see the B.C. Liquor Corp. selling cannabis.

In the B.C. election of 2001, I, as a B.C. Marijuana Party candidate, was arrested at the behest of the Victoria Hillside liquor store for campaigning for legal cannabis.

Some advice about marketing would be in order.

As a Realtor of 30 years, I can offer some pointers. Analyze the prevailing market and emulate it. At present, in the "friends" market, you can smell before you buy. If you don't like it, you can bring it back.

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Canada has been at the forefront of cannabis research, education and regulation for the past 2 decades, yet uncertainty remains about how the drug should be used in medicine. Physicians lack evidence-based information and formalized training about cannabis, which stems, in part, from the drug's previously illegal status that hindered research. Among the public, however, many perceive cannabis as a natural and safe medical treatment. Patients increasingly seek advice about cannabis from physicians, request prescriptions or experiment with cannabis for medical problems on their own. However, physicians must adhere to good medical practice regardless of public pressure and provide counselling to patients based on up-to-date knowledge and evidence. Now that cannabis is legal in Canada more research should be forthcoming, but the evidence base remains weak.

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Dear Editor:

Contrary to Joe Fries' editorial "Abstinence works best" (Courier, Aug. 16), Rhode Island treats addicted prison inmates with methadone, buprenorphine and naltrexone. Like methadone, buprenorphine is an opioid agonist, or replacement opioid. Naltrexone is an opioid antagonist that blocks opioid receptors.

The benefits of opioid substitution therapy are well-established, in and out of prison. It reduces crime, prevents overdoses and the spread of infectious diseases, denies profits to criminal gangs, allows addicted individuals to function normally within their families, jobs, and communities, and gets them off the hamster wheel of raising money by hook or by crook to pay criminal gangs for illicit opioids of unknown potency and purity.

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More than half of all Canadians believe drug treatment should focus on abstinence, rather than opioid replacement therapies, according to poll results released this week.

Research Co. found 57% of those surveyed were in favour of programs that aim to get people off drugs entirely, rather than programs that supply people with free dope to help keep them healthy and out of trouble.

It's unclear from the results if people's attitudes towards drug treatment are shifting, but it's clear that a majority of the population supports an approach that doesn't enable addicts.

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Re: "Legalizing pot is proving to be a public-health disaster," column, Aug. 11.

Lawrie McFarlane's verdict is premature. Legal regulation in Canada isn't analogous to legalization in Colorado, for among other reasons, Colorado allows advertising and initially allowed edibles and extracts with inadequate labelling, packaging and dose limitations.

Yes, emergency-room visits from adverse reactions spiked in Colorado following legalization, but this was due in part to inexperienced tourists from prohibitionist states, and consumers feeling more inclined to seek help once they no longer feared arrest. Panicked patients are typically discharged (the wiser) on the same day, with no lasting ill effects. Such visits remain far less common and severe than visits related to alcohol, pharmaceuticals and tobacco.

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Re: "Legalizing pot is proving to be a public-health disaster," column, Aug. 11.

In his opinion piece on cannabis legalization, Lawrie McFarlane cites a short-term increase in the numbers of adolescents visiting emergency rooms for cannabis in Colorado - a jurisdiction with a commercialized approach to cannabis legalization - as evidence that Canada's much more restrictive public health-oriented approach to legalization has failed.

However, as scientists who have carefully considered how to best measure the public-health impacts of cannabis legalization, we would suggest a thorough and ongoing analysis of Canadian data is needed to understand the effects of the new regulatory landscape. Although cannabis-related hospital visits should be a priority, we also need to ask important questions about underlying causes: if we see an increase, how much is due to increasing use among youth, and how much could be related to shifting trends in products/modes of administration (e.g., a shift towards high-THC concentrates, increased edible consumption)?

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It's becoming increasingly obvious that legalizing marijuana consumption was a colossal public-health blunder.

A good part of the evidence comes from south of the border, where several states legalized pot much earlier than Canada. This has allowed time for robust scientific follow-up - follow-up that is beginning to reveal a frightening picture.

Colorado legalized medical marijuana in 2012, and recreational use in 2014. One result is that emergency hospital visits by adolescents with marijuana-related symptoms have jumped from 84 a year in the pre-legal era, to 500 in 2018.

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The Canadian cannabis industry is booming.

From giant industrial operations such as Canopy Growth to smaller "luxury"=9D cannabis retailers, to an array of cannabis "lifestyle"=9D brands and "cannabis brand consultancy"=9D firms, the industry is a lucrative fronti er for those seeking wealth in a rapidly growing market.

And oh, is there wealth to be had. Canadians spent $1.6-billion on legal weed in 2018 - double the total spent on medical cannabis the year before - despite the fact that non-medical cannabis was legally available only after Oct. 17. Statistics Canadaa's National Cannabis Survey from the first quarter of 2019 found that use of non-medical cannabis has increased among men and people aged 45 to 64. The survey reported that 646,000 people tried cannabis for the first time in the prior three months, half of whom were aged 45 or older.

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VICTORIA - B.C.'s largest First Nation is accusing the provincial government of stalling its application for a retail cannabis licence while it races to open its own public store in the community's prime retail location.

The Cowichan Tribes on Vancouver Island are in the sixth month of trying to get approval for two retail store licences from the provincial government. As the Cowichan wrestle with a wall of red tape, and are repeatedly rejected for nation-to-nation talks with the province, the B.C. government is competing against the First Nation for the municipal rights to open a store in the community's largest shopping centre.

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If you've got the munchies for cannabis edibles, you'll have to go to the liquor store.

The province has tapped the Nova Scotia Liquor Corp. - which already sells dried and fresh cannabis, cannabis oil and cannabis accessories - - to sell edibles, extracts and topicals.

"The NSLC has done a good job in preparing and implementing our new retail model as recreational cannabis was legalized across Canada," said Karen Casey, the minister responsible for the NSLC, in a news release Monday.

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TORONTO - Adam Ash, 37, wasn't the least bit shy in explaining why he was at the Hunny Pot Cannabis Co., a four-story boutique on Queen Street West in the middle of the city's downtown district.

"Marijuana," the Toronto resident said midday on a recent Monday, a little bewildered as to why someone would even bother asking.

Glass containers of marijuana flower were laid out on tables throughout the shop, amid glass cases of rolling papers, pipes, bongs, grinders and vaporizers. Employees known as "bud tenders" worked the floors, ready to provide advice and recommendations for picking just the right strain.

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The 2011 Supreme Court of Canada ruling on Vancouver's Insite clinic clearly established 1) that supervised consumption sites are part of health-care services that should be made accessible to people who use drugs, 2) that these sites contribute to reducing the harms associated with drug use, and 3) that denying access to these sites increases the risk of death and disease.

In addition to saving lives every day, these sites act as an essential point of contact for people to access much-needed health-care services that have been proven effective to reduce overdoses, blood-borne infections (hepatitis C and HIV), infections (i.e., skin, soft tissue, heart and blood infections) and other medical complications. They also help connect people who use drugs with social services and support to address housing and food insecurity, mental health issues, trauma and isolation.

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Howard Dean, the former Democratic candidate for president, and Michael Steele, the ex-head of the Republican National Committee are joining the advisory board of Tilray Inc., the Canadian cannabis grower, the company has announced.

Backed by Silicon Valley billionaire Peter Thiel, Tilray was briefly worth more than $28 billion -- valued at more than Twitter or CBS -- in September after it became the first cannabis company to be listed on an American stock exchange. The company made a second splash this year when it was chosen by the U.S. Drug Enforcement Agency to provide a small amount of marijuana for a study at the University of California, San Diego.

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OTTAWA - The federal government's crackdown on drug-impaired driving has taken a big step forward, as the Justice Department is set to give its blessing to Canada's first roadside saliva test.

Once in use, police officers will be able to swab a driver's mouth to test for the presence of THC, the main psychoactive ingredient in cannabis.

Roadside saliva-testing devices were authorized by Bill C-46, a massive overhaul of Canadaa€™s impaired driving laws that passed in June.

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CHESTERVILLE, Ontario - Inside garage-sized containers at one end of a cavernous warehouse in a former Nestle factory south of Ottawa are rows of marijuana plants stacked atop each other, basking in the unearthly glow of grow lights.

They belong to Hamed Asi, an Ontario businessman who calls them his "vertical farm." He has no background in growing marijuana, or in any kind of agriculture. His other line of business is installing office furniture; cubicles, filing cabinets and desk chairs fill the opposite end of the warehouse.

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The legalization of marijuana for general consumption is a devastating, immoral attack by the Trudeau government against the best interests of all of Canada'€™s vulnerable and marginalized citizens, especially our young people, who are ill-equipped to handle it (What A Long Strange Trip It Will Been, editorial, June 21).

Surviving in modern society demands vigilance, sobriety, discipline and competence on all fronts. Marijuana use discourages these necessary virtues. There should have been a national referendum before this profound decision was made. There are no adults in charge any more.

Peter Best, Sudbury, Ont.

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VICTORIA - On the day Canadians can legally buy and use recreational marijuana, the clock will start ticking for cannabis dispensaries already open across the country, say politicians and pot industry insiders.

On Oct. 17, provincial licensing, monitoring and approval regulations on legal marijuana retail standards will become law and the cannabis business will get real for marijuana shops currently operating outside the rules.

"These are the same people who cried for legalization," said Vancouver Coun. Kerry Jang. "Now they've got it, and they have to play by the rules."

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Seldom a day goes by when financial pages don't highlight new developments in the marijuana industry.

So, this is who we are today. Former B.C. Health Minister Terry Lake is now on the corporate board of a major marijuana company. Former Toronto police chief and current MP Bill Blair is a point man on marijuana legalization. Former B.C. Solicitor General and West Vancouver Police Chief Kash Heed is a consultant for marijuana companies. The list of government and policing honchos who have jumped on the bandwagon is substantial.

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