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Marijuana CEO Sees Canada Shortages Lasting A Few More Years Amid 'Frenzy'

Marijuana CEO Sees Canada Shortages Lasting A Few More Years Amid 'Frenzy'

LAS VEGAS — Shortages in Canada's recreational marijuana market could last for a few more years, the CEO of Canadian cannabis company Cronos Group (CRON) said in an interview on Wednesday, as it tries to accommodate growing demand in Canada and internationally.

The remarks, from CEO Mike Gorenstein at MJBizCon in Las Vegas, echo those of others in an industry trying to keep shelves flush in Canada's physical retail stores and online channels. However, he said that his company would pursue the hemp market -- through the genetic materials  it develops -- in the U.S. if the 2018 farm bill in the U.S. legalized that plant.

Gorenstein's remarks follow questions about whether new recreational customers know or care about marijuana companies' attempts to stand out through branding and marketing. Gorenstein, at this point, said it was too early to tell.

"The reality is, it's kind of a frenzy," he said of the recreational market in Canada. "So if you think about, if suddenly tomorrow, cellphones were launched, and there were about 10% of the amount of cellphones as there are cellphone consumers, you're going to go into a store and maybe you prefer an iPhone or a Galaxy. Realistically, you want to get a phone."

"So people are grabbing whatever is available," he continued. "So it's hard to draw insights from it  because of just how rapid things were selling."

But he said that new products, beyond dry buds, that become available in Canada next year -- like vaping, beverages and edibles -- could help companies set themselves apart.

"The decision gets a lot different for the consumer when you say now you're picking between a chocolate that has a mocha flavor in it or you have a metered-dosing vaporizer vs. a nebulizer / inhaler, and you've got a beverage that's carbonated vs. a juice," Gorenstein said. "You've got many different factors that consumers are gonna purchase off of, and it's going to separate much more."

Gorenstein also said that Cronos' partnerships with Ginkgo Bioworks and Technion Research could help it develop products intended to deliver more consistent effects by delivering precise concoctions of cannabinoids, the chemical compounds in cannabis like THC, CBD and others. The partnership with Gingko could help Cronos eventually gain draw out some of the cannabis plant's lesser-known compounds.

Assuming that research goes well, potential products, he said, could eventually include things like vaporizers with appetite suppressants or skincare products.

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