Canadian cannabis companies look abroad as the global market heats up
Leading consultancy firm Deloitte late last year published a report predicting that Canada’s national cannabis industry could be worth as much as $22.6bn by the end of the year, indicating the magnitude of the rising domestic market.
In the wake of this growth within Canada’s borders, a number of the country’s leading firms have are now looking to expand their reach internationally in the anticipation of the global market exploding in a similar manor.
“All eyes are on Canada right now, not only for what's coming, but also because Canada has basically defined the standards on how to do a medical cannabis industry,” said Pierre Debs, Managing Director of Canopy Growth subsidiary Spektrum Cannabis GmbH, speaking to the Financial Post.
Here are some of the international projects that Canada’s leading Cannabis firms are working on, as highlighted by USA News Group.
Constructing eight cannabis greenhouses in Kingston, Jamaica.
Converting an existing greenhouse in Odense, Denmark into a Cannabis facility.
Acquired CanniMed, bolstering its European operations in Denmark, Italy and Germany.
Acquired industry rival Nuuvera, the first Canadian company to hold a license to serve the Italian market.
Signed a five-year supply contract with Germany pharmaceutical firm G. Pohl-Boskamp GmbH, giving it access to 12,000 German pharmacies.
Signed a joint venture with Australia’s PUF Ventures to build a 1.2mn square foot facility in New South Wales.
Signed an MOU with Colombian cannabis company NewCanna, gaining access to South American continent.
Microsoft: Building a secure foundation to drive NASCAR
Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).
These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack.
“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”
“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”
“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR
- Empower employees productivity and collaboration
- Improve fan engagement and experience
- Improve environment security and IT productivity
- Improve racing operations
Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.
“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”
“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives.
“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.
Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”