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That same month, another company, Canopy Growth, sold the multi-million dollar Ontario headquarters it bought in 2017 back to its original owner, candy manufacturer Hershey Canada.

Both companies, along with other cannabis producers, have also given out pink slips to thousands of workers in an effort to cut costs as they continue to generate little to no profit.

"The thing is, there was no global road map," he told the BBC, as no other country had attempted to legalise recreational cannabis on such a large scale.

But a clustering of storefronts over time in the same areas meant retailers had to lower their prices and offer other incentives to compete with other stores nearby.

Countries in the European Union have toyed with the idea of legalisation, but "they are moving very slowly", Prof Armstrong said, partly due to stringent EU laws.

"But one of the measures of success is, are we creating a sustainable model here where, in the next five years, we are going to see good cannabis companies bringing innovative products and winning that battle for market share, or are we going to retreat?"

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