Marijuana Sales to Be Legal in Canada Starting in October: Trudeau


Speaking on Wednesday, Prime Minister Justin Trudeau said that Marijuana sales will become legal in Canada by October 17, saying it was the first major economy to legalize recreational use.

Stocks of marijuana producers who had to wait to be accredited increased their gains on Wednesday after scoring Tuesday to approve adult cannabis use on Tuesday.

Authorities were expected to sign the final step to enact the general governor on Thursday.

The start date suggests that the government’s previous recreative use is a delay indicating that it will become legal within eight to 12 weeks after the legislation is passed.

The 10 Canadian provinces said it was too tight for Ottawa to set up distribution and sales networks for this program.

Trudeau said to the legislators: “We have listened to the states that have taken more time to put it into practice.

Canada’s largest cannabis maker, Canopy Growth Corp.’s share, gained 6.7 percent in Toronto to $ 45.36.

The shares of Aurora Cannabis Inc., the second largest producer, climbed 4.2 percent at Aphria Inc., the third largest country, at C $ 9.99.

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Horizons Marijuana Life Science ETF closed at C $ 19.64 at 3.6 percent.

Statistics Canada estimates that cannabis market in Canada is worth C $ 5.7 billion ($ 4.28 billion) in 2017.

Trudeau’s Liberals have legalized the use of marijuana in the cannibal part of successful election campaigns.

Critics accused the government of acting too quickly and said the new distribution and sales network is too limited to restrict black market sales.

“I am confident that in the first place, we will undertake a substantial portion of the market share, which is almost entirely organized, with crime,” Trudeau told reporters.

Legal regulations in Canada will be closely watched by investors who already spend billions of dollars on other countries and Canadian marijuana companies.

Some of these companies have experienced delays in legislation, when their stocks are overvalued over the past year and are expected to come into force in July, and there has been a significant decline due to rigid rules on procurement and marking.

A report published by the Canadian Conference Board on Tuesday showed that more than half of Canadian employers were concerned about the potential use of cannabis at work.

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