He said the US names are significantly undervalued relative to Canadian LPs and yet have a larger addressable market.

He added: “They are also able to use branding more effectively than the companies in Canada from a regulatory perspective. There is no branding and marketing really in Canada, or very little. The number of dispensaries has also hamstrung [things] in the near term and yet in the US the number of dispensaries is expanding because it’s state controlled.

“And, finally, the farm Bill in December legalised hemp-derived CBD, which has really changed the US market because all of the cannabis names have come out with health and wellness brands, which are CBD products, and they are being sold in dispensaries.”

While in Canada, hemp is treated as cannabis, in the US it can be sold at any department store, with kiosks being set up in malls across the country.

“The reach of the US industry is much greater than the Canadian industry, so we’ve been focusing our attention there. And when you add on the market opportunity, the valuation differential is quite significant.”