Canada Puff Puff Passes Cannabis Laws 💨
Ready for ganjapreneurs
Canada has officially become the largest country to legalize the use of recreational marijuana. Canadians are among the largest users of marijuana in the world. 1/3 of Canadians aged 15 – 24 have consumed marijuana. In anticipation of the legalization, there has been a sharp increase in cannabis-related businesses such as cannabis tour companies, ‘bud-and-breakfasts’, and cannabis lounges.
Expanding legalization movement
Canada joins Uruguay as the only two countries to have legalized recreational marijuana. In the US, nine states, along with D.C., have legalized recreational marijuana for adults over the age of 21. In addition, 30 states allow the use of medical marijuana.
POSITIVE FINANCIAL IMPACT:
Outlets focusing on the financial impact highlight the recent surge in value of cannabis stocks. They point out that around $8 billion worth of cannabis-related deals have been made in Canada in anticipation of legalization. Furthermore, they cite Walmart and Coca-Cola’s recent interest in CBD infused products and drinks as examples of the economic incentive surrounding the cannabis industry.
BIG PUBLIC RISK:
Outlets focusing on the consequences discuss the legal implications and potential public risk. Past drug convictions and admission of drug use (e.g. cannabis) by non-US citizens are enough to be barred from entering the US. In addition, they cite a study by McGill University that claims driving performance is comprised for up to 5 hours after smoking.
Economics and politics surrounding cannabis
In 2017, the legal cannabis industry generated around $17 billion in North America. It is expected to reach $40 billion in economic output by 2021, generating $4 billion in tax revenue and around 414,000 jobs. According to a Pew study, approximately 62% of Americans favor marijuana legalization – with a majority of Republicans supporting it for the first time.
When will it all be green?
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