Horizons ETF Management inaugurated the Horizons Medical Marijuana Life Sciences (TSX:HMMJ) on the Toronto Stock Exchange, with 14 marijuana stocks included in the fund, at least for now. The marijuana task force led by former Liberal justice minister Anne McLellan had acknowledged provinces and territories would likely harmonize it with the age limit they now have in place for alcohol and tobacco.
In spite of many lawmaker’s enthusiasm for the proposed law, Canada’s nation-wide legalization of recreational cannabis could conflict with global drug treaties which still ban the substance. At present, only Uruguay has a national legal regime permitting widespread use of cannabis.
“Right now, we have a system that has been built up in a piece-meal approach”, the senior official said, adding the government now wants to tighten up the law for both drug- and alcohol-related impairment.
After questions being raised on how the government will keep a track if people are driving under the influence of marijuana, the government has indicated that it will allow the police to test people’s saliva to know whether the driver is driving under the influence of marijuana. They will also be permitted to grow up to four plants per residence and make cannabis-containing products at home for recreational use. Speakers will include Justice Minister Justice Minister Jody Wilson-Raybould, Public Safety Minister Ralph Goodale and Health Minister Jane Philpott.
“This is an orderly transition, not a free-for-all”, he admonished. “This will not be a free-for-all”.
Possession of small amounts of pot will be legal throughout the country on July 1, 2018, if the legislation passes.
The government is intending the proposed legislation to also prevent profits from the production and sale of cannabis from going into the pockets of criminal organizations and street gangs.
“The government should be very careful of pushing this margin”, said Sen.
Tourists visiting the country will be allowed to smoke pot at their pleasure but rules banning the import and export of marijuana will remain in force.
Marijuana won’t become legal overnight.
Advertisements for cannabis will only be allowed in places where anyone underage wouldn’t be able to see them, but you will see campaigns targeted at youth to discourage them from using pot.
Under the Cannabis Act, Canadians would be able to buy marijuana at legal retail outlets or receive them through a licensed producer in the mail.
But it won’t mean much to the thousands of Canadians going to Arizona every year except for the possibility of slightly more hassle at the worldwide border by suspicious customs officers, he said.
Shares of marijuana producers were trading lower following the announcement, though the stocks have seen a run-up in anticipation of legalization.Canopy Growth Corp (WEED.TO) fell 3.8 percent to C$9.92, though the stock has more than tripled in the past year. However, the Canadian Medical Association urged Ottawa to set the limit at 21, with restrictions on potency and quantity on anyone under 25 years old. “And there is the risk of developing psychosis if you start using cannabis as a teenager”.