CANADA LEGALIZES CANNABIS FOR RECREATIONAL & MEDICINAL USE
Posted on March 31, 2017 | By Henry | Leave a response
Prime Minister Justin Trudeau ran for Canada’s highest office under the pledge to completely legalize marijuana. It was a somewhat controversial position, but it won widespread support among Canada’s younger voting bloc.
Many would argue that the promise of legal marijuana won him the race…
As someone who is heavily invested in Canada’s current marijuana industry, this was the best possible news I could have received. Currently the industry is heavily regulated by Health Canada, which sets limits on the number of producers and how much they can produce. It has hindered growth in some of my favorite cannabis companies.
If full-scale legalization were to happen, it would open up millions of new customers to Canada’s already robust marijuana market. Deloitte predicted that the market could be worth an astounding $22.6 billion if Trudeau made good on his campaign promise.
That’s bigger than the Canadian beer and wine markets combined…
Luckily for marijuana investors, he has made good on his promise even earlier than expected.
On April 10th, Trudeau will officially announce the complete legalization of marijuana in Canada. Here’s the confirmation from the Canadian Broadcasting Corporation, who broke the story:
The Liberal government will announce legislation next month that will legalize marijuana in Canada by July 1, 2018.
CBC News has learned that the legislation will be announced during the week of April 10 and will broadly follow the recommendation of a federally appointed task force that was chaired by former liberal Justice Minister Anne McLellan.
It was necessary to “legalize, regulate and restrict access to marijuana” in order to keep drugs “out of the hands of children, and the profits out of the hands of criminals.”
The Liberals had promised to introduce legislation by the Spring of 2017. Announcing the legislation the week of April 10 will allow the party to hit that deadline.
This was music to my ears.
If you are currently invested in Canadian marijuana stocks, get ready for a windfall…N