When Democrats took control of Capitol Hill during the elections in November 2020, there was growing optimism that federal legalization of cannabis was in the cards for Americans. Nine months into the new administration, progress has been slow in the United States. Latin American (“LATAM”) countries, on the other hand, have moved forward with new laws ending cannabis prohibition and supporting the industry, moves to generate government revenue, cut into illicit sales and bring novel therapeutic options to people in need. Colombia, Mexico and Panama are emerging as global pioneers promoting responsible cannabis commerce, which bodes well for Flora Growth Corp. (NASDAQ: FLGC) (Profile), a company with robust operations in Colombia. These countries are following the example set forth by Canada, which has given rise to some of the legal cannabis’ juggernauts, such as Canopy Growth Corporation (NASDAQ: CGC), Tilray Inc. (NASDAQ: TLRY) and Sundial Growers Inc. (NASDAQ: SNDL), as other companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) lend additional support to the growing market.
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