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  • ShereeKrider 8:37 pm on June 20, 2018 Permalink | Reply
    Tags: , , cannabis stocks, , Justin Trudeau, , ,   

    Canada just became the 2nd country in the world to legalize marijuana 


    Canada marijuana

    Jeremy Berke  25 m

    • Canada just became the second country in the world to legalize marijuana nationwide. Legal sales are set to begin October 17.
    • The bill passed Canada’s Senate 52-29 on Tuesday evening.
    • Prime Minister Justin Trudeau promised during his 2015 campaign to legalize marijuana.
    • Marijuana stocks surged on the news on Wednesday morning.

    Canada is the second country in the world to legalize marijuana, paving the way for recreational sales throughout the country.

    Canada’s Upper House of Parliament on Tuesday evening approved the revised bill 52-29, making Canada the first G7 country to legalize marijuana. Uruguay did so in 2013.

    Prime Minister Justin Trudeau said on Wednesday that legalization would officially take effect on October 17, citing provincial requests for more time to develop retail infrastructure.

    “It’s been too easy for our kids to get marijuana — and for criminals to reap the profits,” Trudeau said in a tweet on Tuesday evening. “Today, we change that. Our plan to legalize & regulate marijuana just passed the Senate.”

    What the bill does

    Bill C-45, known as the Cannabis Act, legalizes marijuana but leaves it up to each province to decide how to sell it. Some provinces, like Ontario, are planning on provincially run outlets, while others, like Alberta, will open up marijuana retail to the private sector.

    The federal government set a minimum age of 18 to purchase marijuana, though some provinces have indicated they will raise the age to 19, mirroring liquor-purchase laws. The bill makes the distribution and sale of marijuana to minors an offense.

    marijuanaIt’s Canada’s moment. REUTERS/Andres Stapff

    Recreational sales are expected to begin in eight to 12 weeks, according to Reuters.

    The bill was part of a promise that Trudeau’s Liberal Party made during the 2015 campaign to keep marijuana out of young people’s hands and move the illicit market into a regulated framework.

    “I’m feeling just great,” Sen. Tony Dean, who sponsored the bill in Canada’s Senate, told the Canadian Broadcasting Corporation. “We’ve just witnessed a historic vote for Canada. The end of 90 years of prohibition. Transformative social policy, I think. A brave move on the part of the government.”

    Activists applauded the move

    Cannabis activists cheered the move on Wednesday morning.

    “Canada should be applauded for taking bold and decisive steps towards ending the failed prohibition of marijuana,” Hannah Hetzer, the senior international policy manager for the Drug Policy Alliance, said in a statement. “Canada’s progress will galvanize support for drug policy reforms in the US and all around the world.”

    Erik Altieri, the executive director of the National Organization for the Reform of Marijuana Laws, echoed Hetzer’s sentiment.

    “We applaud Canada for showing federal legislators in the United States what can be accomplished with true leadership and dedication to sound public policy,” Altieri said in a statement.

    Marijuana stocks are surging

    Marijuana stocks surged on the news on Wednesday morning.

    The Canadian Marijuana Index, an aggregate measurement of all publicly listed marijuana stocks in Canada, was up 3.3% as of 10:45 a.m. The overall North American index, which includes US stocks, was up 2.3%.

    Golden Leaf Holdings, a cannabis company listed on the Canadian Securities Exchange, was the biggest gainer, with the stock surging 6.8%.

    Legalized marijuana is expected to be a boon for Canada’s economy. The Canadian Imperial Bank of Commerce, one of the country’s largest banks, predicts that Canada’s legal marijuana market will be a $6.5 billion industry by 2020.

    Several Canadian marijuana firms, including Aurora Cannabis and Canopy Growth Corporation, are seeing a wave of investor excitement around marijuana legalization. Marijuana companies have been capitalizing on that liquidity to go on acquisition sprees.

    Read more cannabis industry coverage:

    CONTINUE READING…

     
  • ShereeKrider 7:54 pm on December 5, 2015 Permalink | Reply
    Tags: , , , , Justin Trudeau, , , Liberal, , regulate access   

    Canada to be first G7 country to legalize weed – Gov-General 


    © Steve Dipaola

     

    Next year Canada could become the first country in the G7 group of the world’s leading economies to legalize marijuana as the government announces its plans in a speech to parliament.

    The freshly-elected Liberal government has reaffirmed their pledge to legalize marijuana as Governor-General David Johnson addressed the parliament with a speech that outlined the legislative agenda for the coming year.

    “The Government will introduce legislation that… will legalize, regulate and restrict access to marijuana,” Johnson said, Canadian Global News reports. He did not elaborate on how the government plans to regulate or restrict access to the soft drug.

    Prime Minister Justin Trudeau’s mandate letter to the Justice Minister Jody Wilson-Raybould also includes a provision suggesting that the justice minister should work “with the Ministers of Public Safety and Emergency Preparedness and Health, create a federal-provincial-territorial process that will lead to the legalization and regulation of marijuana.”

    Trudeau said that legalizing marijuana would fix a “failed system” and help remove the “criminal element” from marijuana production and trade, adding that Canadians would benefit from studying the experience of the US state of Colorado and Washington, which recently adopted similar laws.

    The PM has stuck to that position since becoming the leader of the Liberal party in 2013. He says his support for the legalization of marijuana is influenced by the fate of his late brother, who was charged with drug possession for having “a tiny amount” of weed before his death in an avalanche in 1998.

    Legalizing pot was a high profile election promise made by Trudeau during the latest election campaign that raised the Liberal Party to power after almost a decade of the Conservative rule. Two previous Conservative administrations also made such election promises but failed to live up to them.

    In Canada, people are allowed to use medical marijuana in dried and edible forms on condition they do not smoke it. Growing marijuana at home is also legal, according to Global News.

    Apart from legalizing marijuana, the new government also plans to cut taxes for citizens with middle income as well as to provide higher child benefits to the needy, which would be financed by a tax increase on the wealthiest 1 percent of the population.

    The government also announced plans to provide significant investments in infrastructure, cut military spending, limit the budget deficit to 10 billion Canadian dollars ($7.5 billion) per year as well as to reduce greenhouse gas emissions.

    CONTINUE READING…

     
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