Canada’s set to legalize marijuana nationwide on July 1, 2018

marijuana

Canadians,
rejoice: You’ll soon be able to buy marijuana
legally.
Robert F.
Bukaty/AP

Marijuana will be legal for all Canadians over the age of 18 by
July 1, 2018, CBC
News reports
, marking Canada’s 151st birthday in style. 

Prime Minister Justin Trudeau’s Liberal Party will officially
announce the plan on April 10. 

The legislation is expected to easily pass through Parliament, as
it holds support from major political parties
both to
the right
and
left
 of Trudeau’s Liberals. As well, a
majority of Canadians support legalizing marijuana,
according to a
recent poll from 
NRG
Research Group

The plan follows the recommendations laid out by a federal task
force — led by former Toronto police chief Bill Blair and
former Justice Minister Anne McLellan — and
leaves it up to the provincial governments to implement the plan
and control how marijuana is sold, reports CBC.

Though the federal government stipulates a minimum age of 18 to
purchase marijuana in stores, provinces will be free to raise the
age as they see fit. Canadians will also be able to grow up to
four marijuana plants in their household. 

Trudeau has faced criticism from rival political parties who’ve
accused him of failing to deliver on his campaign promise to
legalize marijuana federally by spring of 2017. The April 10
announcement, while not expressly fulfilling the prime minister’s
intended timeline, will at least assuage those concerns.
Canadians go back to the polls in October of 2019.

Anne Mclellan canada marijuana

Anne
McLellan, Chair of the Task Force on Cannabis Legalization and
Regulation, arrives at a news conference in Ottawa, Ontario,
Canada December 13, 2016.
REUTERS/Chris Wattie

The announcement provides some much-needed stability to Canada’s
marijuana industry after
police raided dispensaries
 in Toronto and Vancouver this
month, not to mention the discourse south of the border, where US
attorney general Jeff Sessions has
hinted at a crackdown of marijuana markets
in legalized
states. 

The firm date to legalize marijuana “provides investors
with a greater degree of clarity and certainty of what the
recreational market could look like,” Cannacord
Genuity analyst Neil Maruoka said
in a report titled, “Legislation should be the
tide to lift all stocks,” reports the The
Financial Post

Maruoka noted that now’s the time to profit from marijuana
stocks, as “there will likely be a lack of positive
industry catalysts over the next year or so,” once the
legislation gets passed.

Marijuana stocks traded up at the news on Monday. Aurora
Cannabis (ticker: ACBFF) — which Maruoka called his “top pick” —
surged 9% Tuesday, while Canopy (ticker: WEED) was up 11%, though
both leveled off on Tuesday afternoon. 

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