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Canadian Adult-Use Marijuana Will Not Be Available by July 1st

The Need for Royal Assent Was One of the Reasons Given for the Delay

Unfortunately, like all giant bureaucracies, things move like mud up in Canada too and so Canadian adult-use marijuana is no longer on track for July 1st. Yesterday, the Health Minister Ginette Petitpas Taylor broke the news to the anxious people of Canada that it is likely going to be August, maybe even September, before retail sales will begin.

The Canadian cannabis market is already booming and the nation is taking the global lead on marijuana with a number of cannabis producing companies already exporting medical marijuana overseas. After Israel dropped out on the cannabis export business over a week ago, Canada is sitting pretty to benefit the most from the global change in perspective on marijuana.

As recently as last week, Prime Minister Justin Trudeau’s government was insisting it was on track for legalization in July.

But given a new Senate timetable to pass the legislation, Health Minister Ginette Petitpas Taylor conceded Thursday it won’t be done in July.

Petitpas Taylor reiterated that provincial and territorial governments need eight to 12 weeks following senate passage and royal assent to prepare for retail sales. That puts it in August and possibly not until a month later.

Each province in Canada is coming up with rules for the sale of recreational pot.

This is probably the biggest disappointment to the many cannabis companies that have been sitting on their edge of their seats in anticipation of the revenue that Canadian adult-use marijuana will bring-in relative to the medical marijuana market. Many of the provinces are still working on their own laws for recreational marijuana sales, Quebec possibly the furthest along having made sales simple by letting all sales be government run. What other sorts of setbacks could delay the sale of Canadian adult-use marijuana besides bureaucrats arguing about minute details? What is royal assent anyways?

read more at cnbc.com

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Richard Lowe

Richard Lowe is a 14-year veteran of the financial sector with licenses as a commodity broker (Series 3) and investment advisor representative (IAR Series 65). Along with a focus on raising capital for the firms he was employed with, he also wrote and edited much of the content published by them. He holds a BA in Journalism from the University of Massachusetts. He has been a longtime advocate for marijuana legalization due to the social injustices associated with marijuana prohibition and the strong potential for the medicinal benefits of cannabis.

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