Canada was in the headlines all weekend – but, as far as I’m concerned, the most earth-shattering news went almost totally unreported.
This is the culmination of more than seven months of research and parliamentary debate among five separate committees. After repeated, firm, public promises among legislators – including the Prime Minister, Justin Trudeau – an incalculable amount of political capital was on the line.
And sure enough, on Thursday, right around the time world leaders started arriving in Quebec for what would be an extremely contentious G7 summit, the Senate of Canada voted in a late-night session to legalize the recreational use of marijuana across the country.
That means Canada is right at the doorstep of being the first G7 nation to open the door to legal, regulated weed.
That’s right: It’s not a done deal… yet. Despite rhetoric calling for legal weed sales to begin by July 1, 2018, there are still two dominoes that have to fall for legalization to come into force.
As you’ll see in a second, full legalization is still a virtual certainty, but now we have some extra time – just a little – to take a look at our weed holdings with exposure to Canada, and make sure we’re loaded up on the right stocks before this thing explodes into the markets.
Just Dotting the “I”s and Crossing the “T”s
Pot has been prohibited in Canada since 1923. The results of that prohibition have been far from successful, and Trudeau and his supporters are eager to try a bold new approach – one that will bring the regulation and sale of cannabis into publicly accountable hands and serve as a test case for other big, industrial nations looking to do the same.
So, if you’re tempted to feel disappointed or skeptical at the delay in implementing full legalization, I understand, but please don’t be.
We really are in the home stretch here.
Prime Minister Trudeau, one of the Act’s most adamant supporters, isn’t likely to let a single member of Parliament go home for summer break before the Act is passed.
The pressure is ON.
To cross the finish line, the Senate bill needs to go back to the House of Commons, which will then need to approve the 45-odd amendments the upper house tacked onto Bill C-45, better known as the Cannabis Act.
The reconciled bill will then go to Governor General Julie Payette, the Queen’s viceregal representative, to receive royal assent.
The upshot is: The Cannabis Act – the ultimate profit catalyst a small group of select Canadian pot stocks – should be in effect some 10 to 12 weeks after its passage.
We could be set to profit the entire time.