Legalization of Marijuana Means Big Money for Canada
At The BARS Program, we’re devoted to high-caliber, proactive compliance training for the lawful sale of age-sensitive products. And while our dedicated focus is on the alcohol and tobacco industries, happenings within the ever-growing world of marijuana do grab our attention.
It’s no surprise then the recent Wall Street Journal article, “Canada to Legalize Pot in Mid-October,” further beckoned our attention. Canada will soon become the largest national government to lift sanctions on cannabis within its deep borders (this includes all 10 of its provinces and three territories). Though the legalization will bring with it strict regulation, according to government officials, adults will be permitted to have 1.1 oz of non-medical marijuana in their possession when in public, can lawfully make purchases from a government-authorized dealer or grow up to four plants for personal use from seed or seedling provided by a licensed supplier.
Each province and territory will determine the legal age for purchases. In Ontario, Canada’s largest province, buyers must be 19-years-old to complete a purchase for recreational use. How provincial and territorial governments will determine compliance with age regulation is unknown at this time. Despite uncertainties, the shift signals big money for Canada. The national government estimates it will collect nearly 400 million Canadian dollars ($301 million U.S.) each year in marijuana tax revenue. Already Canadian stock markets are courting world-wide marijuana companies to measure economic viability. And notably so, according to this Wall Street Journal article, Toronto is cropping up as fertile soil for cannabis firms to raise capital on the Toronto Stock Exchange and the Canadian Securities Exchange. European countries and elsewhere will look to Canada for guidance on cannabis legalization and supporting policies.
In the U.S., marijuana rules and regulations differ by state – eight U.S. states and the District of Columbia have made recreational cannabis consumption legal – and most certainly so at the federal level. With the recent creation of The Marijuana Freedom and Opportunity Act, marijuana was removed from the schedule of controlled substances and states can determine their own cannabis policies without fear of federal interference.
Will we see a shift in the country’s holistic approach to cannabis legalization for recreational use? We cannot say for sure, but proactive compliance training for the lawful sale it of across the globe will certainly continue as a topic of discussion. We’ll continue to monitor happenings within the marijuana industry. If you have questions or want to engage in The BARS Program’s compliance-training for alcohol and tobacco, please contact us at email@example.com or call 1-877-540-5500.