Canada is just days away from becoming the 2nd and largest country in the world to legalize cannabis.
The day is almost upon us. A day that has been anticipated by recreational users and investors alike as the last 3 months of build up have resulted in a massive boom for the green industry.
On October 17, Prime Minister Justin Trudeau is expected to make good on a campaign promise to allow for the growing, possession, and consumption of marijuana for recreational purposes a little over 5 years after the country of Uruguay pioneered legislation on the issue.
Note: Derivative products such as edibles, cosmetics and e-cigarette products containing pot will not be allowed until 2019.
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According to MedicalExpress.com, stats say that 5.4 million Canadians will buy cannabis in legal dispensaries in 2018—about 15 percent of the population. 4.9 million already smoke.
Legalization is expected to boost the Canadian economy, generating $816 million to $1.1 billion in the fourth quarter of which A $400 million tax revenue windfall is forecast as a result.
Key Takeaway: Legalization in Uruguay was a pioneering effort and was therefore largely ignored by the world stage. On the other hand, the world is now forced to closely watch and see how Canada proceeds. The long term fate of the green industry rests on what happens in North America’s most northern country. Expect growing pains, shortages, booms and busts as is expected when a brand new economy springs up overnight, but above all stay focused and use Canada as the example for what to expect if/when a 3rd country is to legalize cannabis in the near future.