Energy companies pipe up about the legalization of marijuana
Does the legalization of marijuana pose a budding threat or opportunity for the energy sector?
As the legalization of marijuana in Canada is coming to light, a growing number of businesses and individuals are looking at opportunities to capitalize on this green revolution. No surprise here considering this new recreational market is estimated by Deloitte to be worth more than $22B in potential upside for Canada.
Not everyone is feeling the highs of this marijuana revolution. Many companies with strict bans on alcohol and drugs, especially at remote workplaces full of heavy machinery in the oilpatch. Precision Drilling CEO Kevin Neveu has firsthand experience of the rising costs associated with additional drug counselling and rehabilitation. This was a direct result of Colorado legalizing the drug in 2014. The other impact of rising usage means individuals are failing drug testing given the zero tolerance policies. This poses a greater challenge for finding qualified, skilled and sober labour.
Broken Down even more.
While some energy industry experts fear the legalization, others are passing the puff. Veteran energy investment bankers are applying their know how to the rising weed sector. Companies like Black Spruce Merchant Capital and other energy professionals are examining various opportunities as regulations become clear and the energy sector continues to lag.
Does the legalization of marijuana pose a budding threat or opportunity for the energy sector? As Alberta slowly moves out of a recession, will skilled professionals still be around or will they be heading for greener futures?