I’ll never forget the joy of seeing Justin Trudeau’s Liberal Party earn control of the Canadian government in 2015 as the party became the first governing political party with legalization as a piece of its platform. While cannabis law reform advocates are used to being let down by politicians, it was another step forward when Prime Minister Trudeau announced that Canada would indeed move forward with legalization. Canada is about to make cannabis history again as the Senate is set to vote on finalizing its national legalization bill, CA-45, this Thursday.
As the cannabis community has experienced around the world, establishing cannabis laws and regulations are no easy task and there are a lot of ups and downs. Canada has already provided its cannabis companies with a huge advantage by implementing a national medical law that allows businesses to export across borders, have access to banking services, and be treated the same as other businesses when it comes to taxes. While the Canadian government and its marijuana regulations have been far from perfect, legalization for all adults will soon provide the Canadian cannabis industry an even bigger edge in the global market.
Even with the legalization bill expected to pass the Senate this Thursday, there are a few more political hurdles to jump over, so recreational sales are still a few months away, as the Toronto Sun explains:
This means the provinces likely won’t start selling legal recreational weed to consumers for another 10-14 weeks as regulatory rules by the government are fine-tuned.
That slow progress is just as it should be according to Ontario independent Senator Tony Dean who is the sponsor of Bill C-45.
“It could be the last week of August — it could be the beginning or mid-September,” Dean said of the availability of recreational pot.
The Canadian cannabis industry is already a billion dollar industry and the market is set to grow substantially. While the competition is fierce and overregulation is a battle, there are vast opportunities for both cannabis companies and ancillary businesses that serve the industry. As all eyes are on Canada, we should see momentum to end prohibition gain traction across the globe as nations learn from Canada, and then eventually, vice versa. As we continue to fight for freedom, jobs, and revenue state by state, nation by nation, it is great to see history being made step by step.
Come be a part of history by attending the International Cannabis Business Conference in beautiful Vancouver, British Columbia, this June 24th-25th. The Vancouver ICBC will be a great time to learn the latest about Canadian regulations and network with top entrepreneurs, investors, and advocates from around the world. If you are planning on applying for a license in Canada, the million dollar pitch event at the ICBC may just be what you need to take your business to the next level. Early bird ticket sales are about to end on June 6th and the event is set to sell out, so get your tickets today!