Friday, 16 November, 2018

Mixed Reactions Over Canada's Legalization of Marijuana

A Watershed Marijuana Event: Canopy Growth (NYSE:CGC) Makes The First Legal Export From Canada To US NEW First Legal Recreational Cannabis in Canada Sold in NL
Kenny Thornton | 18 October, 2018, 22:44

Canada has become the second country after Uruguay to legalise possession and use of recreational cannabis.

Until then Ontarians are stuck online, so we figured it would be in everyone's best interest to see what that online process really looks like.

The Vienna-based International Narcotics Control Board (INCB) said, "The legalization by Canada of cannabis for non-medical purposes is incompatible with the legal obligations incumbent on states parties under the international drug control framework".

Marijuana stocks were trading down by 2% to 7% ahead of the opening bell. Like marijuana businesses in Colorado, California, and Washington state, the Uruguayan sellers have had to resort to cash, with all its attendant risks. The largest ETFs also closed down Wednesday despite the legalization.

Driving under the influence of drugs is still 100 per cent illegal. The ETFMG Alternative Harvest exchange-traded fund has added 62 percent since hitting its 52-week low on August 14, while the Horizons Marijuana Life Sciences Index ETF surged 70 percent in Toronto.

Battley's itinerary is indicative of the internationalization of the marijuana industry. Year-to-date returns are still strong for these ETFs at 11.64 percent for MJ and 17.08 percent for HMMJ.

With its northern neighbor legalizing and its southern neighbor mulling it, can the world's most influential proponent of the drug war be far behind?

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The end of marijuana prohibition is a watershed moment for Canada, but it comes with a lot of questions about how this will actually play out across the country.

Doors to the shop opened at 10:00 a.m. today, October 17, after the much anticipated legal cannabis legislation came into effect. "But the key message is not how it works on the first day but that there is a first day". Additionally, Aphria Inc (TSX:APH) warned investors that it would not have enough supply to meet consumer demands by Wednesday.

It's not only dispensaries that feel shut out of the legal market, he added, as small-scale growers are still waiting for the federal government to open an application portal for micro-cultivator licences.

In this September 25, 2018 photo, marijuana plants are shown growing in a massive tomato greenhouse being renovated to grow pot in Delta, British Columbia, that is operated by Pure Sunfarms, a joint venture between tomato grower Village Farms International, and a licensed medical marijuana producer, Emerald Health Therapeutics.

While the U.S. Customs and Border Protection agency cannot legally prevent Americans from returning home, they can revoke NEXUS permits - which allow registered travelers to cross the border more quickly - from American citizens who admit to using marijuana in Canada. And relations with its southern neighbor will also put a damper on the party: US border officials can bar from entry Canadians who admit to having used marijuana or whom might be traveling on marijuana-related business. He mentioned in another Wednesday CNBC interview with Jim Cramer that there would likely be a third country to implement full legalization within the next year.

He said he didn't mind that the government-run store doesn't carry the concentrated product, which is still illegal, and he'll buy marijuana online from now on instead of purchasing it illegally. They will be able to steal more market share from those that can not keep pace. "At the end of the day, we've chosen our portfolio to make sure that we are in stock and able to continue to offer continuous availability for those products".

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