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Canada Looks to Legalization Marijuana in 2017

Ryan Allway

May 24th, 2016

Policy, Top News

Canada’s Liberal Party government will introduce laws next year to legalize recreational marijuana throughout the country, according to Health Minister Jane Philpott.

The promise to legalize marijuana was a major campaign issue for Prime Minister Justin Trudeau who was elected last fall in a landslide victory. Unlike the United States, the country has already implemented a nationwide framework for medical marijuana known as the Marijuana for Medical Purposes Regulations – or MMPR. Private companies are licensed to produce and sell marijuana throughout the country via mail order under the framework.

The expansion of this program to include recreational marijuana has garnered widespread public support over the years. According to a Glove and Mail/Nanos Research poll, a 68% majority of Canadians agree with the Liberal government’s upcoming plans. The strongest support comes from British Columbia with 75% support and the weakest support in the Prairies still has the majority with 55% support for recreational legalization.

The move to legalize marijuana has caught the attention of many different industries, including the pharmacy and liquor industries. If the government decides to stick with its existing licensed producers, these companies could experience significant growth with a high barrier to entry and at least temporary exclusivity to the market. Health Canada has been notoriously slow to approve new MMPR licenses since the program went into effect several years ago.

As of May 24, there are a total of 31 licensed producers of medical marijuana with the largest concentration being in Ontario with 18 LPs. The largest licensed producer is Canopy Growth Corp. [stockquote symbol=TWMJF], which was formerly known as Tweed Marijuana Inc. There are hundreds of other pending licensed producer applications awaiting final approval from Health Canada before they’re permitted to begin selling the drug.

In the end, both the general public and investors will be closely watching the Liberal government’s move to legalize recreational marijuana next Spring. Many companies could see significant new opportunities arise as federal approval opens the doors much wider than the U.S.’s patchwork framework of statewide approvals.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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