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Canada Just Became the Second Country in the World to Legalize Cannabis

The Canadian House of Commons and Senate approved the Cannabis Act on Tuesday evening, June 19th.

Canada Legalizes Cannabis

After months of battling, the Senators voted to legalize recreational marijuana by a vote of 52 to 29, paving the way for a fully legal cannabis market within eight to 12 weeks.

The new law — which still requires Royal Assent —allows adults to buy and consume small amounts of cannabis, however edibles won’t be legalized until sometime after next year.

"I'm feeling just great," said Sen. Tony Dean, who sponsored the bill in the Senate. "We've just witnessed a historic vote for Canada. The end of 90 years of prohibition. Transformative social policy. I think a brave move on the part of the government."

"We can start addressing Canada's $7 billion illegal market. These are good things for Canada."

Now that the bill has passed, it's up to Prime Minister Justin Trudeau and his cabinet to choose the actual date when the legalization of recreational marijuana becomes law of the land, reported the CBC.

"One of the strong recommendations by experts was that we ensure personal cultivation of four plants at home," PM Trudeau told reporters last week.

"We understand there are questions and concerns about this, and we understand also that it will be important to study the impacts of what we're doing and whether there can be changes made in three years, but we need to move forward on better protecting our communities."

Medical marijuana has been legal in Canada since 2001. Now, with legal recreational cannabis, Canada will have a significant competitive edge over the US in an emerging and lucrative industry.

This has already started to happen as an avalanche of American companies and investors are already heading north to dump their dollars into Canadian cannabis companies while ours sits in the shadow of the Jeff Sessions of the world.

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