It has been an eventful week in Canadian cannabis, as the country’s bill to legalize pot for adult-use has been made into law.
While there is still several months between now and the time users will be able to purchase the product off of shelves, the news spurred both the stock market and the government forward. We’ve rounded up everything you’ve heard about going down this week
After passing its final readings in the House of Commons and the Senate, Bill C-45, also known as the Cannabis Act, has been given Royal Assent and become a law in Canada on Thursday, June 21, 2018.
Earlier in the week, the Senate chose to accept the bill without amendments that would allow provinces to ban home growing cannabis, as well as a prohibition on cannabis-related merchandise produced by companies.
Since then the Governor General granted the bill Royal Assent, the final stage in the Canadian legislative process where a bill becomes law.
This historic moment is the final step in the 95-year prohibition of cannabis that began in 1923.
Since that date billions of dollars have been funneled to organized crime, countless trials and jail sentences have been carried out, and lives have been altered and irreparably damaged, while the stigma against pot drove a wedge between society and the plant’s users.
Prime Minister Justin Trudeau has announced the official date of legalization across Canada.
October 14 will be the official end to cannabis prohibition he announced during question period on Wednesday.
“We heard from provinces and territories who told us they needed more time to transition to this new framework, so our government will continue to work in full partnership with them, to ensure the smooth and orderly implementation of this new law across Canada,” Trudeau told reporters after.
Minister Jody Wilson-Raybould did take the time to remind Canadians that pot remains illegal until the new law goes into effect.
“I urge all Canadians to continue to follow the existing law until the Cannabis Act comes into force,” she told a news conference.
The Toronto Stock Exchange, lifted by rises in both the oil and cannabis sector, broke a record high this week.
The day Trudeau announced the October date for legalization for cannabis caused a rise in Canadian pot stocks across the board.
The rise in weed was combined with a boost in oil prices, led to a record-breaking day for the TSX.
The market gained 104.42 points and closed at 16,420.95, passing the intraday and closing high on January 4, of this year.
Canopy Growth Corp., Canada’s largest marijuana producer with a market value of $8.9-billion , went up by 6% to trade at $45.10, a record high. Aurora Cannabis Inc. rose 4.7%, Cronos Group Inc. 5.6% and Aphria Inc. 4.2%.
Cannabis business-tech specialists Cannvas MedTech is sending its senior management team to Hong Kong, China to seek new partnerships.
The group will be attending the RISE tech conference on July 9-12.
The largest tech conference in China, RISE is host to over 15,000 attendees and over 350 speakers from 90 countries representing “today’s leaders in technology.”
“RISE 2018 has an impressive lineup of speakers and exhibitors and we are looking forward to exploring potential opportunities in health sciences and technology on an international stage,” said Shawn Moniz, Chief Executive Officer, Cannvas MedTech Inc. “At each conference we attend, we generate leads that result in opportunities to work and/or partnership with leading international tech, health sciences and medical cannabis organizations, and we don’t expect RISE to be any different.”
Prior to the conference Cannvas’ Chief Operating Officer, Global Markets Steve Loutskou will be travelling to Tokyo, Japan to explore potential opportunities and partnerships.
The company is hoping to become a single international source for organized, trusted and accessible data, information and knowledge about cannabis.
Licenced producer, GrowForce and, Manitoba’s largest First Indigenous community, Peguis First Nation announced a joint venture this week.
The partnership intends to explore opportunities in the cultivation, distribution and retail sale of cannabis products. The specifics of the arrangement will be announced next year according to a press release.
“This is a fitting announcement reflective of the spirit of reconciliation inherent in National Indigenous Peoples Day and demonstrates the intent of the leadership of Peguis to capitalize on economic opportunities in the cannabis space,” said Chief Glenn Hudson. “This initiative will result in local investment, significant job creation and long-term economic development for our people and to the Selkirk area.”
Prior to selecting GrowForce, the Peguis community explored “a number of potential joint venture partnerships.”
GrowForce’s portfolio currently includes businesses in Manitoba, Ontario and Nova Scotia. The Peguis venture will also lead to the development of new facilities in or near Selkirk, Manitoba.
“We continue to move swiftly to strategically build our capacity in Canada,” said GrowForce Chairman and CEO Rishi Gautam. “Partnering with First Nations and Indigenous peoples is a great fit for our company and overall vision. The partnership with Peguis First Nation helps to achieve our goal of building Canada’s leading cannabis company with our Indigenous partners.”