Today marks October 17th, the legalization of The Canadian Cannabis Act comes into effect. Many consumers have had this date marked on their calendar for the last few months, however, for investors this day has been pretty average. This makes sense as this day doesn’t directly effect the cannabis companies financially, stock performance will more likely be determined after a quarter or two of rec sales number come through.
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What is legal now?
Implementation of the new law will be a shared responsibility between the federal, provincial and territorial governments. Subject to provincial or territorial restrictions, adults who are 18 or 19 years of age or older (depending on the province or territory), are able to legally:
- purchase limited amounts of fresh cannabis, dried cannabis, cannabis oil, cannabis seeds, or cannabis plants from retailers authorized by the provinces and territories;
- possess up to 30 grams of dried legal cannabis or equivalent in non-dried form in public;
- consume cannabis in locations authorized by local jurisdictions;
- grow up to four cannabis plants per household (not per person) for personal use, from licensed seeds or seedlings from licensed suppliers;
- share up to 30 grams of dried cannabis or equivalent with other adults;
- make legal cannabis-containing products at home, such as food and drinks, provided that dangerous organic solvents are not used in making them.
Initially, adults will be able to legally purchase fresh or dried cannabis, cannabis oil, and seeds and plants for cultivation. Other products, such as edibles, will be permitted for legal sale within one year following the coming into force of the Cannabis Act, at which time federal regulations for their production and sale will have been developed and brought into force.
The current framework for access to cannabis for medical purposes will continue under the Cannabis Act, and will be reviewed by the Government of Canada within the next five years.