Canada Close to Becoming First G7 Country to Fully Legalize Cannabis
LOS ANGELES (June 9, 2018) - Canada is poised to become the first of the world's wealthiest nations to fully legalize marijuana. On Thursday, the Canadian Senate passed the Cannabis Act by an overwhelming majority. Prime Minister Justin Trudeau has long been a proponent for legalization.
The bill now goes back to the House of Commons for review before going into effect later this year, giving the provinces time to fine-tune regulatory rules. It is estimated that the legal adult-use Canadian market will spark a CA$4.3 billion industry in the first year, according to International financial advisory firm Deloitte. It is expected that figure will rise above CA$5 billion in annual sales soon after.
"Cannabis legalization is a global movement," said Adam Bierman, co-founder and chief executive of U.S. cannabis firm MedMen Enterprises, which announced earlier this year a cross-border joint venture with Toronto-based Cronos Group to open a series of MedMen stores across Canada. "We are excited to bring our trusted brand to Canadian consumers."
The Canadian vote comes on the heels of the World Health Organization changing its long held position that marijuana should be a banned substance after hearing testimonies from medical experts this past week in Geneva, Switzerland.
And in the U.S., there is also growing bipartisan support for progressive marijuana legislation. Senators Elizabeth Warren (D-Mass.) and Cory Gardner (R-Colo.) proposed a marijuana bill this week that would ensure states' rights to determine marijuana policy.
Even President Trump has said he would support cannabis legislation put forth by Senator Gardner. While speaking to reporters in front of the White House this week, the president said, "I really do. I support Senator Gardner. I know exactly what he's doing, we're looking at it. But I probably will end up supporting that."
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ABOUT MEDMEN MedMen Enterprises is the preeminent cannabis company in the U.S. and the emerging industry's most recognized brand, with assets and operations nationwide. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation's largest financial supporters of progressive marijuana laws.
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