Published: Sat, June 23, 2018
Money | By Bruce West

Canada passes bill to legalise recreational cannabis

Canada passes bill to legalise recreational cannabis

The Senate gave their final blessings to the bill to legalize cannabis on Tuesday, making Canada only the second country, next to Uruguay, to legally authorize the drug nationwide.

Prime Minister Justin Trudeau announced Wednesday that recreational cannabis will be legal nationwide by October 17.

Still, Wilson-Raybould stressed that pot remains illegal in Canada until the new law goes into effect in October. Adults will be able to possess up to 30 grams (1 ounce) of dried cannabis in public.

They will also be allowed to purchase plants and seeds from regulated retailers. Commercial marijuana production will be licensed by the federal government, while retail distribution of marijuana will be regulated by individual provinces. In some jurisdictions, such as Alberta and Nova Scotia, cannabis will be sold in the same stores that carry alcoholic beverages, while in others, such as Quebec and British Columbia, the two kinds of products will be sold separately. The government has said that they are first focusing on repealing and replacing laws surrounding marijuana and will later address previous convictions.

The Prime Minister expressed his thoughts on the bill, stating: "It's been too easy for our kids to get marijuana - and for criminals to reap the profits".

"The overall message is, 'Yeah, Canada legalized cannabis, hooray, ' but the actual details is where there are a lot of devils", Emery said, "The civil liberties advocates, the lawyers, the people who represent the marginalized Indigenous, the youth, the poor - the victims of prohibition - we aren't celebrating today". The government emphasizes that the legalization will come with strict regulation that will prevent adolescent use and crack down on the illegal drug market.

Shares of Canopy Growth Corp (WEED.TO), Canada's biggest marijuana producer by market value, closed up 6.7 percent C$45.36 in Toronto.

"In terms of decriminalizing cannabis there are no plans in that respect", Theresa May's spokesman told the Guardian in response to Hague's article.

Auxly Cannabis Group Inc. Pot companies are likely to invest more, and that could end pushing the stocks up. Last year, the market was estimated to be worth C$600 million.

That amendment was defeated in the vote, meaning current federal rules will allow provinces to set a limit between one and four plants, but will not allow provinces to ban home cultivation outright.

Justin Trudeau's Liberals had made legalising recreational use of cannabis part of their 2015 election campaign, arguing the new law would keep pot out of the hands of underage users and reduce related crime.

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