Pot price to plummet says Aphria Cannabis CEOOctober 18, 2018 5:00am
The CEO of Aphria Cannabis in Leamington believes the price of pot could drop in the future.
However, Vic Neufeld said he also believes that cannabis could be huge down the road in the health industry.
If his projections are correct, Neufeld said licenced marijuana producers in Canada will be growing three times what Canadians need in about a year and that will decrease the price of weed.
“There will be an over-supply in 12 months from today,” said Neufeld.
Neufeld said his company is already a low-cost producer and automation at the Leamington facility will drive the price of pot even lower.
“If licenced producers don’t have their house in order today in terms of cost per gram, how are they ever going to get it together to meet price compression a year from now,” he said.
Neufeld said pot-infused foods and beverages along with topical sprays to help with chronic pain management are the future of the cannabis industry.
“There will be an evolution of different forms of product intake of cannabis, we are not there yet but we are not that far away. I’m talking two or three years from now there will be some blockbusters out there,” Neufeld said.
He said there are scientific studies being conducted to find out how cannabis can help patients with opioid withdrawal symptoms, Alzheimer’s, lupus and minor forms of arthritis.
Neufeld also said he thinks there will be more pot smokers now that marijuana is legal.
Neufeld added that Aphria’s medicinal marijuana can be found in 10 countries already and hopes it will translate into recreational pot sales if those nations ever decide to go that way.