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Canada sets October start for legal marijuana sales


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Canada sets October start for legal marijuana sales

By Nichola Saminather

 

2018-06-20T164134Z_1_LYNXMPEE5J21N_RTROPTP_3_CANADA-MARIJUANA-IPO.JPG

A marijuana plant is seen at Tweed Marijuana Inc in Smith's Falls, Ontario, March 19, 2014. REUTERS/Blair Gable/Files

 

TORONTO (Reuters) - Cannabis sales will become legal in Canada from October 17, Prime Minister Justin Trudeau said on Wednesday, making it the first major economy to legalize recreational use or marijuana.

 

Canadian marijuana stocks, which have rallied in anticipation of legalization, extended gains on Wednesday after the Senate voted on Tuesday to approve adult use of cannabis. The governor general is expected to sign the bill on Thursday, the final step for it to become law.

 

The government previously said marijuana would become legal within eight to 12 weeks of the law being passed.

 

"We've listened to the provinces, which have been asking us for more time to implement it," Trudeau said.

 

Shares of Canopy Growth Corp <WEED.TO>, Canada's biggest marijuana producer by market value, closed up 6.7 percent C$45.36 in Toronto.

 

Shares of Aurora Cannabis Inc <ACB.TO>, its second biggest producer, ended up 4.7 percent at C$9.99, while Aphria Inc <APH.TO>, the third-largest, rose 4.2 percent.

 

The Horizons Marijuana Life Sciences ETF <HMMJ.TO> ended 3.6 percent higher at C$19.64.

 

"This is a historic milestone for our industry and for our country ... as Canada solidifies its progressive leadership on cannabis," Vic Neufeld, chief executive officer of Aphria, said in an e-mailed statement.

 

Trudeau's Liberals had made legalizing recreational use of marijuana part of their successful 2015 election campaign.

 

Canada's regulatory rollout will be closely watched by other countries and by investors, who have already poured billions into Canadian marijuana companies.

 

Shares of some of these companies have seen moderate gains over the past year on concerns that they had become overvalued, delays to legislation that was originally expected to take effect by July, and strict rules around supply and branding.

 

A report by the Conference Board of Canada released on Tuesday showed that more than half of Canadian employers are concerned about the potential use of marijuana in the workplace.

 

A bill related to impaired driving and the use of marijuana is working its way through the parliamentary process.

 

(Reporting by Nichola Saminather; Additional reporting by Danya Hajjaji and David Ljunggren; Editing by Bill Berkrot)

 
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-- © Copyright Reuters 2018-06-21
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28 minutes ago, bobbin said:

It's a new dawn..

 

You are a Balkan immigrant aren't you?

 

Sure. And let it be known that I did smoke weed and am completely against throwing people in jail for smoking.

 

However, if I smell even a whiff of this crap in my condo, a face punch will be coming. The same I did in Montreal to various "DJ's" when they wouldn't stop playing their crap at night. 

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"Poutine sales to rocket"

 

My home (U.S.) state has legalized marijuana sales, and home-growing as of 1 July, but there may not be any shops open for a few months as the licensing is a bit challenging, and individual cities and towns can ban sales. I think we still have ~ 8 "dry" (no alcohol sales) towns, and we had banned alcohol sales on Sundays (Blue Laws) until just 15 years ago after having them on the books for 340 years.

 

 

Edited by mtls2005
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6 hours ago, canuckamuck said:

There will be some adjustments to be made socially. But in a world where alcohol is legal, it makes no sense to criminalize grass. 

I agree that there will be some adjustments to be made in the social sense.

 

I haven't been following the detailed debate closely; can anyone recommend a site with the rules and regulations? Do's and Don't's? FAQ's?

 

I would assume that smoking in public is generally going to be frowned upon (no worries); any others? 

 

And yes, driving will be an interesting issue; I don't know of a test that would stand up in court. How do you measure how stoned someone is? If you waked and baked (a favoured phrase from the old days...?), would you still test positive at night? And does anyone know about previous criminal convictions and/or folks in jail? I never got caught, but I am curious if people's records will be wiped clean. Anyone?

 

It'll be interesting to see how this all pans out. My view is that in a few years, no one will really notice much change except that the idiotic criminal aspect will disappear; good bye and good riddance! I have eight nieces and nephews and the thought of one of them getting busted and having a record has been a fear of mine for several years.

 

Good days!

 

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1 hour ago, mtls2005 said:

"Poutine sales to rocket"

 

My home (U.S.) state has legalized marijuana sales, and home-growing as of 1 July, but there may not be any shops open for a few months as the licensing is a bit challenging, and individual cities and towns can ban sales. I think we still have ~ 8 "dry" (no alcohol sales) towns, and we had banned alcohol sales on Sundays (Blue Laws) until just 15 years ago after having them on the books for 340 years.

 

 

 

Come closer? What did you say?

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33 minutes ago, theguyfromanotherforum said:

 

Yes, can't wait for all the liberal snowflakes getting arrested at the Swampy arrival gates because they have weed in their system.

 

Is it possible that you are just "stirring the pot"   555

 

Because it's hard to imagine anyone so obtuse as to suggest that there is any possibility of an immigration officer in Swampy either detecting or giving a second thought to the bloodstreams of arriving visitors.

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15 hours ago, bobbin said:

Because it's hard to imagine anyone so obtuse as to suggest that there is any possibility of an immigration officer in Swampy either detecting or giving a second thought to the bloodstreams of arriving visitors.

Thai police are good at making money.

Testing everyone with a Canadian passport could be a nice little earner.

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On 6/21/2018 at 7:10 AM, Samui Bodoh said:

It is a proud day to be Canadian, eh?

 Bit of a non-event I'm told if one comes from BC or at least Vancouver. They've had medical dispensaries for roughly 3 years and the Vancouver Police had a civic mandate not to enforce federal pot laws.

 

I think Washington State has a similar idea. 

 

But yes huge for small town everywhere. Canada now twinned with Uruguay. Expect an influx of Arab tourists?

 

Shares in 7-Eleven will soar? Pizza Hut?

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