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Canadian Cannabis Stocks Rally On Appointment Of Industry Veteran To Key Lobby Group

The Cannabis Council of Canada (C3), the country’s most prominent lobbying group, has announced the appointment of industry veteran Paul McCarthy as its new president.

McCarthy’s appointment has already been received positively by the industry at large, and has seen a spike in Canadian cannabis stock prices.

He brings with him a ‘wealth of experience and proven track record in policy development’, according to Rick Savone, Chair of C3 and the Senior VP at Aurora Cannabis.

The former Head of Corporate Policy at Canopy Growth has also held roles within the cannabis giant’s international implementation team, alongside various senior roles at federal ministries, including roles as policy advisor to the minister of industry, and senior policy analyst of Infrastructure Canada.

It comes as the former CEO and president of C3, George Smitherman, announced plans to step down in January.

As the Canadian cannabis industry appears to be on the cusp of some positive change following the publication of a long awaited report into the state of the industry last month, the news has already been a boon for numerous Canadian players.

His former company, Canopy Growth, saw its stock jump around 30% on the news, while Tilray Brands rose by just under 20% and SNDL rose by similar margins.

Since the announcement on Tuesday, New Cannabis Venture’s Canadian cannabis stock index has risen by 13%

“There is great potential for the cannabis sector to flourish in Canada,” McCarthy said in a statement.

“It can contribute to the country’s productivity and provide good-paying, sustainable jobs. That, however, can only be achieved through a reformed regulatory regime and the eradication of the illicit market.

“I look forward to working collaboratively with government and other stakeholders to make this industry the success story it can be.”

Mr Savone added: “We are delighted to welcome Paul McCarthy as the new President of the Cannabis Council of Canada.

“His wealth of experience and proven track record in policy development and stakeholder engagement make him instrumental in driving C3’s annual strategic plan. We are confident that under his leadership, C3 will continue to be a leading voice in advocating for a thriving and responsible cannabis industry.”

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