Canada Legalizes Cannabis
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Canada's Senate approved Bill C-45, which legalizes marijuana possession, home growing, and sales for adults. When enacted, Canada will be only the second country in the world to legalize pot (Uruguay is the other).
"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 & regulate marijuana just passed the Senate," Canadian Prime Minister Justin Trudeau tweeted.
But Canadians will have to wait a few months to take a celebratory toke. While passage in the Senate ensures national legalization, it will still be about two to three months before retail sales and other parts of the law can roll out.
According to the new bill, adults over the age of 18 or 19 (depending on the province) will be allowed to carry up to 30 grams of cannabis and grow up to four plants. Cannabis will not be sold in the same location as booze or tobacco.
While nine states in the U.S. have legalized marijuana for recreational use and 29 states have legalized it for medicinal purposes, it's still illegal under federal law. Not true in Canada, where the country is working with the provinces to write rules and regulations.
The Canadia stock market surged on Wednesday as result of the news, and analysts are predicting cannabis legalization will be a big boon to the country's economy. One of Canada's largest banks CIBC predicts the legal marijuana market will be a $6.5 billion industry by 2020.