CANNABIS is the ‘most disruptive force in the world today’ and set to become a $2 trillion global industry, says a leading Canadian venture capitalist.
Peter McCullagh, Founder and Managing Partner at Vancouver-based TenX Ventures, said: “Some $49 billion has been spent in Canada and the US, is ready to go. This will be a $1 trillion business in the US alone and a $2 trillion business world-wide.
“It’s the most disruptive force in the world today; CBD is the new kale. Cannabis is moving more quickly than the tech industry, with huge shifts taking place every quarter – it’s every nine months in tech.”
He went on to say there are three types of companies in the cannabis industry, those looking to consolidate, those preparing themselves to be bought and ‘road kill’.
He believes that once cannabis legislation is eased in the US it will replace Canada as the dominant global player.
Mr McCullagh was speaking at the Institutional Capital & Cannabis Conference, in Bishopsgate London, last year.
Mr McCullagh is also CEO of SpaceCells which is part of a consortium formed to send hemp cultures into space on Elon Musk’s SpaceX rocket.