Trudeau says Canada will legalize marijuana on October 17

Randal Sanchez
June 23, 2018

During Question Period Wednesday afternoon, Justin Trudeau confirmed that Canadians can expect a full roll-out of legalization October 17, 2018 - several months after the projected July 1 date, but far sooner than some Canadians expected.

After more than a year of intensive study in both the House and Senate, the bill cleared the final legislative hurdle Tuesday evening, passing by a vote of 52 to 29 with two abstentions.

Prime Minister Justin Trudeau, who announced plans to legalize the drug in April 2017, has rebuffed provincial leaders who say they need more time.

Canada just became the second nation in the world - and the first industrialized nation - to legalize the purchase and consumption of recreational marijuana.

The country is the first in the G7 to legalise the drug's recreational use.

It's expected, however, that Canadians will be able to legally purchase and consume recreational marijuana by mid-September at the latest.

In the short term, there could be significant upside for cannabis stocks, but the long term remains more of a question mark.

Canadian Health Minister Ginette Petitpas showed strong support for home cultivation of marijuana last week following the government's rejection of 13 out of 46 amendments relating to the bill last week.

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For instance, it is illegal to order marijuana online and have it sent through the mail in the United States, but Canadians will be able to do so once the law comes into effect.

On Twitter, Canadian Prime Minister Justin Trudeau praised the bill and focused on Canada's youth.

Canada is the largest developed country to end a nationwide prohibition on marijuana use.

Trudeau had made legalizing and federally regulating marijuana one of his 2015 campaign promises, arguing that only criminal syndicates profited from the drug's prohibition.

"And therefore we do not want to encourage in any way people to engage in that behaviour until the law is changed". Our plan to legalize & regulate marijuana just passed the Senate.

Whether a province has chosen a public or private approach to regulation, all retailers will get their cannabis from a federally licensed producer.

Wilson-Raybould called the legislation - which still requires royal assent to become law - "transformative" and predicted it would protect young people and keep organized crime out of the pot market. If the USA government decides someday that its northern neighbor is on to something and ends its federal ban on marijuana, decisions on the subject should devolve back to the states.

Conservative senators, however, were not as joyous at the passage of the bill and the implications for Big Pot. If that number holds true, marijuana would pass the liquor industry's profits in Canada.

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