Safe Supply Streaming, a new startup, recently joined the Canadian Stock Exchange, banking on the future legalization of cocaine.
CEO Bill Panagiotakopoulos plans to invest in related businesses. These include fentanyl test makers, addiction clinics, and coca-infused energy drinks.
Last Wednesday, the startup’s value stood at about CAD 11.9 million. Moreover, the firm predicts a $3.2 billion legal cocaine market in British Columbia alone.
The team supports a global approach to drug decriminalization. They believe that regulated sales could solve the drug crisis and reduce overdoses.
In a presentation, Safe Supply laid out their vision. They aim to “responsibly end the war on drugs.”
Michael Astone, an advisory board member, highlights their strategy. Specifically, they plan to acquire unnoticed narcotics-related businesses.
Interestingly, several places have decriminalized hard drugs. These include Portugal in 2001 and Oregon in 2020.
In Canada, firms like Lucy Scientific Discovery have approval to research cocaine. However, no data proves that regulated cocaine reduces overdoses.
Experts like Jason Hockenberry issue warnings. He says legalization might encourage drug experimentation and addiction.
Notably, the startup has attracted various investors. Jonathan Goldman, a real estate heir, and Steve Arbib, a cannabis pioneer, are among them.
They invested through private placements and stakes in Origin Therapeutics.
Finally, Astone concludes, “We’re talking to investors experienced in narcotics. Not everyone sees a wave coming.”
Background Cocaine Startup
Taking a step back, this startup’s move is part of a larger global trend. More countries are looking at drug decriminalization, influenced by Portugal and Oregon.
On the other hand, British Columbia’s recent law changes set the stage in Canada.
The province has initiated decriminalization measures for drugs like heroin and methamphetamine.
On a global scale, Safe Supply’s approach could be groundbreaking. If successful, it could change how society views narcotics, leading to regulated, safer usage.
Nevertheless, critics argue that it might be too risky. It could lead to increased drug-related issues, echoing current challenges faced in Vancouver.
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