Canada has become the first country falling under the list of G7 nations to legalise cannabis. On Tuesday, Canada’s upper house of parliament approved a revised bill and legalised recreational marijuana.
The Senate voted in the favour of the bill (52-29) from the elected House of Commons. Canada will have its own legal cannabis market within eight to 12 weeks.
The fight to make marijuana legal in Canada has been a long battle for the country and PM Justin Trudeau’s Liberals as marijuana was a huge part of Trudeau’s 2015 election campaign.
Trudeau government had claimed that the new rules would prevent underage consumption of cannabis and reduce crime.
After the bill was passed, Canadian Prime Minister Justin Trudeau tweeted, “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.”
Global investors are currently keeping a tab on Canada’s regulatory rollout as they have invested billions into Canadian marijuana firms.
Canadian marijuana companies like Canopy Growth Corp, Aphria Inc, Horizons Marijuana Life Sciences ETF and Aurora Cannabis Inc have been at the center of investor frenzy surrounding attempts to legalise marijuana for recreational use nationwide.
Tony Dean, who sponsored the bill in the Senate, said, “The end of 90 years of prohibition. Transformative social policy, I think. A brave move on the part of the government.”
News credit : Indiatoday