As the first major economy to fully legalize cannabis, Canada’s regulatory rollout will be closely watched by other nations considering the same path – and by global investors, who have already poured billions into Canadian marijuana firms.
Canadian marijuana companies like Canopy Growth, Aphria, Horizons Marijuana Life Sciences ETF and Aurora Cannabis have been at the center of investor frenzy surrounding attempts to legalize marijuana for recreational use nationwide.
Legalization has already been delayed from the government’s initially planned July launch.
While production of cannabis is regulated by the federal government, provinces and cities have more powers over retail sales either through private or government-owned stores.
“I’m feeling just great,” CBC News quoted Tony Dean, who sponsored the bill in the Senate, as saying. “The end of 90 years of prohibition. Transformative social policy, I think. A brave move on the part of the government.”