Canada has become the first G-7 country to pass the Cannabis Act, legalising the cannabis market in the next eight to 12 weeks.
Canada has become the second country to legalise recreational marijuana nationwide and the first G-7 country to do so.
The country’s Cannabis Act passed its last obstacle on Tuesday in a Senate vote, 52 to 29.
It paves the way for a fully legal cannabis market within eight to 12 weeks.
It will allow marijuana possession, home growing and sales for adults.
Prime Minister Justin Trudeau’s Liberals made the legalisation of marijuana a key part of their successful election bid in 2015.
After the bill passed, Trudeau tweeted:
“It’s been too easy for our kids to get marijuana- and for criminals to reap the profits. Today, we change that.”
It’s been too easy for our kids to get marijuana – and for criminals to reap the profits. Today, we change that. Our plan to legalize & regulate marijuana just passed the Senate. #PromiseKept
— Justin Trudeau (@JustinTrudeau) June 20, 2018
Uruguay was the first country to legalise the sale of recreational cannabis in 2013.
Nine U.S. states have legalised it for recreational use and 29 have allowed it for medicinal purposes.
However Canada is the first major economy to do this nationwide.
Other nations will be closely watching how Canada handles the rollout. Global investors will keep an eye on it too. Billions have already poured into Canadian marijuana companies with names like ‘Aurora Cannabis’ and ‘Canopy Growth Corp.’