Bruce Linton, founder and CEO of Canada’s largest marijuana company, Canopy Growth Corporation, said that legalizing cannabis at the federal level in the US could result in fewer opioid and other addictive prescriptions.
The interview with CNBC’s Mad Money host, Jim Cramer, took place Thursday following Canopy Growth recently applying to become the first cannabis producer to be listed on the New York Stock Exchange.
Linton explained that Canopy Growth has both a medical and recreational division and that on the recreational side; he expects that the company’s partnership with Constellation Brands will result in a new class of low-calorie beverages. He said that the possibilities within the medical division are still emerging.
“Cannabis is a huge disruptor to the opioid guys,” Linton told Cramer.
In 2016 alone, over 42,000 deaths were linked to opioids, including heroin and fentanyl according to the Centers for Disease Control and Prevention.
Linton told Cramer that Canopy Growth is currently exploring other ways marijuana can be used in the health-care space.
He also said that Canopy Growth hopes to develop products to treat pain and other symptoms for animals, stating it’s been proven that dogs feel pain as they age. He believes there’s huge potential for cannabis to break into the animal health market.
Canopy Growth currently operates in seven countries and is Canada’s largest marijuana company worth more than $6 billion with stocks tripling in the last 12 months. They offer a variety of cannabis products and brands in forms such as dried, oil and gel capsules.
The company already trades on the Toronto Stock Exchange and anticipates shares will begin trading under the symbol CGC in New York by the end of May.