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This week, Canada became the second country in the world and the first in the G7 to fully legalize cannabis
The “cannabis act” passed its last hurdle on Tuesday with a closed vote of 52 to 29, which will establish a full legal market in Canada for people of legal age in a range of eight to twelve weeks.
The sale, possession of up to an ounce and cultivation of up to 4 plants for personal purposes will be allowed.
This was one of the commitments made by President Justin Trudeau during his presidential campaign in 2015. Once fulfilled, the prime minister made the following tweet:
“It has been very easy for our children to get marijuana – and for the criminals to take the profits. Today we change that. Our plan to regulate marijuana has just passed to the Senate. #Promisecomplished “
Before Canada, Uruguay had legalized cannabis in 2013, also 9 states in the US have already done so for recreational use and 29 for medicinal purposes. The novelty is that the government represented by Trudeau did so throughout its territory, even lifting the federal ban.
The medicinal use of cannabis is legal in Canada since 2001.
This is a step that could affect global regulation, as all countries are vigilant to the progress of this policy.
Million Dollar Investments
Not only the legislators will be able to see the Canadian regulation, but also the investors worldwide. Millions of dollars have already been invested in companies such as Aurora Cannabis and Canopy Growth Corp. In addition, Canadian companies such as Pharmacielo have joined investors in Colombia, Israel and the United States.
This is due to the possibility of investors in acquiring commercial licenses for all the links of the new industry that regulates from the production, cultivation, sale, brands, transportation, product dispensing and export.
According to a report by Time magazine, in 2015 Canadians spent approximately $ 6 billion on cannabis, almost the same as what they spent on wine.
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