RIO DE JANEIRO, BRAZIL - The cannabis industry in North America is suffering a liquidity crisis, which could channel investments to countries that grow marijuana at low cost, such as Uruguay, according to Jordan Lewis, an industry veteran.

"Everybody is waking up to the fact that it makes no sense to grow cannabis in Canada's tundra or elsewhere in North America," said Lewis, director-president of Silverpeak Life Sciences Uruguay. Uruguay, which was the first country to legalize most of the uses of cannabis, has the potential to become a "low-cost production center," he said.

Cannabis companies are beginning . . .

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