Canada Legalizes Recreational Marijuana
The day has finally come!
Canada has legalized recreational marijuana use.
Yes, you read correctly. The Cannabis Act makes Canada the second country in the world (next to Uruguay) to fully legalize marijuana for adults nationally.
Canada’s two legislative chambers approved the Cannabis Act last Tuesday. This bill will give Canadian provinces the ability to control and regulate how marijuana is grown, distributed, and sold.
However, the country is waiting on Royal Assent, which is the final step in the Canadian legislative process in order to become law. This step is expected to happen later this week.
If all goes well, marijuana sales could start rolling in by the end of the summer. An eight- to twelve-week buffer period has been built into the bill so provinces can begin to prepare for recreational sales.
Prime Minister Justin Trudeau has been extremely adamant about legalizing weed since 2015. He wrote on Twitter about the passage of the Cannabis Act:
It’s been too easy for our kids to get marijuana — and for criminals to reap the profits. Today, we change that. Our plan to legalize and regulate marijuana just passed the Senate.
I don’t have to tell you that marijuana use has been frowned upon for most of my life, my parents’ lives, and their parents’ lives. It’s been stigmatized as a gateway drug into other serious drugs like heroin.
But all that has changed in the past decade. Every year, new studies come out about marijuana’s benefits to mental and physical health.
A Step in the Right Direction
People are realizing that marijuana not that bad. And I’m realizing that more and more people are admitting that they’ve been using marijuana for most of their lives. It was something people did but rarely admitted to unless someone shared the same interest.
Now people can stop hiding. And they can stop being afraid of being scrutinized.
Not only that, but there will also be more control over the drug, taking it out of drug dealers’ hands. Cannabis will be available to adults over 18 years old, which will prevent them from meeting up with a drug dealer.
The Cannabis Act will make it legal for anyone over 18 years old to possess 30 grams of marijuana. Adults will also be able to grow up to four marijuana plants at home. The bill creates a national framework on how the cannabis market will operate, but ultimately, each province will be able to set its own system of licensing and regulation.
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What Does Full Legalization Look Like?
Full marijuana legalization is going to open a lot of doors. Canada’s full legalization will most likely look different than what has been established in some U.S. states with recreational and medical legalization. Canada is going to have age limits, government involvement in distribution and sales, and access to banking.
There’s another difference that is really going to set Canada apart from the U.S., and it’s that Canadians will be able to order cannabis online and get it delivered in the mail. That’s not an option for U.S. citizens. In fact, it’s illegal.
Canada Post has been shipping medical marijuana to authorized patients since 2013.
The Canada Post said this:
Many of our processes are in place today for medicinal cannabis and will continue for any regulated product sent through Canada Post from licensed distributors.
This provides a new level of convenience and allows for more sales for businesses if it is easier to buy and ship marijuana products.
The Canada Post requires a proof of age for delivery and won’t leave a package if no one is there to receive it.
Another huge benefit is that Canadian cannabis businesses will have access to bank loans and acceptance from major banks. More businesses will fuel Canada’s economy by creating jobs and bringing in money.
This will be a learning experience for Canada. It will also be a learning experience for the U.S., which can observe how the government and the marijuana industry are able to work together and benefit each other. Once the U.S. sees that marijuana isn’t the downfall it’s always been assumed to be, it will most likely begin to welcome full legalization with open arms.
The marijuana industry is just starting to heat up, and by the looks of recent news headlines, it’s only going to get hotter. There are going to be a lot of investing opportunities, and we’re just at the beginning of a soaring market.
Our very own Wealth Daily editor, Briton Ryle, has been following this market for a while, and he recently came across a pot stock that’s not like your average pot stocks. The outlook for this stock is going to be prosperous. In fact, it's so promising that Angel Publishing founder Brian Hicks is calling it "the only pot stock I will ever own."
Don’t get left behind. The time to begin reaping your marijuana profits is here! Learn more about investing in marijuana and the pot stock that Briton has been following.
Until next time, Monica Savaglia Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
Until next time,
Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.
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