It’s been a long time coming, but Canada’s Liberal government is expected to announce plans next month to legalize cannabis in the country. According to CBC News, the announcement will be made the week of April 10, and the goal will be to legalize marijuana by July 1, 2018.
Other publications have suggested that the news will be released on different dates. The Globe and Mail says it will come on April 20, or 4/20, while in a statement to Global News, Justice Minister Jody-Wilson-Raybould said that legalization will be introduced this spring, but didn’t provide a specific date.
“Our government is committed to introducing legislation this spring that would, as promised, legalize, strictly regulate, and restrict access to cannabis,” Wilson-Raybould said. “In order to meet our commitment to legalize, the legislation will need to pass through the parliamentary process in a timely fashion.”
While it may be over a year until marijuana is officially legalized, a report released last year by Canada’s Task Force on Cannabis Legalization and Regulation has already made 80 recommendations for framing legalization effectively.
Among other things, the report recommends that the federal government use licensing and production controls and enforce a minimum purchasing age of 18. Provincial governments will manage distribution and pricing, and will have the authority to set a higher minimum purchasing age.
Households will be able to grow up to four plants, says CBC News.
The news outlet’s report came the same day as the NDP met in Montreal for a leadership debate. At the event, party members criticized the Liberal government’s “promise to legalize pot,” says Global News.
“I believe in legalization,” BC MP Peter Julian was quoted as saying. “I do not believe Justin Trudeau is going to bring in the legalization of marijuana and as proof that … we are still seeing, particularly young Canadians, being criminalized by simple possession of marijuana.”
Canadian cannabis stocks have performed well following the news that legalization is impending. Gainers include:
- Canopy Growth (TSX:WEED) — up 9.11 percent at $10.79
- Aurora Cannabis (TSXV:ACB) — up 8.33 percent at $2.48
- Tetra Bio-Pharma (CNSX:TBP) — up 9.37 percent at $0.70
- Emblem (TSXV:EMC) — up 4.7 percent at $2.45
- Maple Leaf Green World (TSXV:MGW) — up 7.69 percent at $0.55
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Maple Leaf Green World is a client of the Investing News Network. This article is not paid-for content.