Canada Pot Stocks Surge After Report of Legalization Date
Mar 28, 2017, 00:28
Prime Minister Justin Trudeau's promise to legalise recreational marijuana has fuelled investment and speculation in the cannabis sector.
Former Toronto Police Chief Bill Blair briefed the Liberal caucus over the weekend about the rollout plan.
"The governing Liberals used last year's 4/20 celebrations - festivals held annually across the country in which marijuana enthusiasts publicly light up - to announce that they would table their legislation this spring".
The national age limit to buy marijuana will be 18, but provinces could set a higher limit. The legislation also comes with a home cultivation provision, one that will allow Canadians to grow up to four plants on their property for personal use.
In a recent poll, 51% of Canadians said they supported legalizing marijuana, and 33% said they opposed it.
The plan calls for the Canadian federal government to maintain "safety" standards for the drug and to license producers.
"Until we have a framework to control and regulate marijuana, the current laws apply", he said in a March 1 speech on Vancouver Island. "We haven't changed the laws". Yes, we got a clear mandate to do that.
Earlier this month, Saskatchewan's justice minister said his provincial government continues to have "grave" concerns about legalisation.
"The fact is that if you tax it too much, as you saw with cigarettes, you end up driving things toward a black market, which will not keep Canadians safe - particularly young Canadians", Trudeau said in December 2015.
The point was underscored days later as police carried out raids on more a dozen marijuana dispensaries across the country, laying charges of possession and trafficking on almost 20 people.
And if the report is accurate, that means cannabis will be legal by Canada Day next year - that's July 1.
While marijuana users and civil libertarians have long advocated for the legalization of pot, concerns have been raised by some police and health officials.
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It is also more bad news for consumers who have already seen their purse strings squeezed with rising prices and stagnating wages. The central bank could now come under pressure to hike interest rates from their current ultra-low levels.
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