Cannabis investors woke up to a surging market on Wednesday following Canada’s historic passing of Bill C-45, The Cannabis Act.
The legalization of recreational marijuana passed its last hurdle with the Senate voting yes in a 54-29 vote and total the Canadian government announced October 17, 2018 will be the official date of legalization.
Cannabis will be legal in Canada beginning on October 17, 2018.
— Ginette Petitpas Taylor (@GPTaylorMRD) June 20, 2018
I’m so proud of the Cannabis Act – this historic legislation will end prohibition and replace it with a sensible, responsible and equitable cannabis policy.
The cannabis sector reacted positively to the news with Canopy Growth Corporation (WEED), Aphria (APH) and Aurora Cannabis (ACB) all finished trading in the green on Wednesday.
A number of Canadian marijuana firms, including Aurora Cannabis and Canopy Growth Corp have begun capitalizing on the investor excitement, with both companies announcing large acquisitions this spring.
In May, Aurora announced its deal to take over medical marijuana company MedReleaf in a deal valued at C$3.2 billion, making it the largest cannabis deal in Canada's history.
Today's news will likely spur interest among investors, with a recent report estimating that once legalized Canada’s cannabis industry is expected to generate more than $7 billion in annual sales.
