Canada legalizing marijuana is looking more and more likely, with legislation on course to make the country the largest developed nation in the world to end the prohibition of the plant.
If a bill that is scheduled to be table by the federal government by April passes, Canadian citizens over the age of 18 will be permitted to buy marijuana recreationally.
It’s a move that members of the Liberal party have been promising to have ready and implemented by spring. According to reports from CBC, legal marijuana will be regulated based on recommendations put together by a federally-appointed task force that researched marijuana use.
Those recommendations include taxes on the product based on potency, allowing adults to grow up to four plants and possess 30 grams, and procedures to license producers. Proponents of the measure say Canada legalizing marijuana will make it easier to keep out of the hands of kids under 18, pull profit out of the black market, benefit public health and improve the criminal justice system.
Thanks to these developments, along with Prime Minister Justin Trudeau’s promises to legalize recreational marijuana, have inspired investments and speculation in the cannabis sector. Cultivators which have become prevalent in the stock market include Aphria, OrganiGram Holdings, Canopy Growth and more.
Canada has had legal medicinal marijuana since 2001, with 40 legal producers federally. The new measure will expand that market vastly, especially considering the high rate of marijuana use among adults, especially young adults, in Canada.
In the neighboring United States, efforts to legalize marijuana medicinally and recreationally have been successful in over half of the states, despite resistance from the federal government.