The day finally arrived. On Octo-
ber 17th, Canada officially did away
with the Draconian laws surrounding
the production and consumption of
cannabis, becoming the second coun-
try in the world, and the first G7 Nation
to legalize recreational cannabis.
Under the Cannabis Act, Cana-
dians adults can buy, possess,
use, and grow pot without fear of
criminalization or jail. Marijuana will
be sold by retailers regulated by
province and territory or from feder-
ally licensed producers. Just eight
hours after legalization, the Ontario
Cannabis Store had over 40,000 back
orders.
In what is one of the biggest public
policy changes in decades. Canadians
with prior marijuana-related convic-
tions concerning 30 grams or less will
soon be able to be pardoned. Once
wildly misunderstood, recent science
has proven marijuana’s valuable
medicinal properties, and disproven
its reputation as a gateway drug and
a drug for the disenfranchised.
Statistics
Canada
will now include
licensed and unli-
censed cannabis activity into its
economic forecast, which will affect
growth rates for Q4 in 2018 and Q1 in
2019. Some predictions calculate
the economic boost from the
industry as high as $8 billion
(Financial Post).
NOVEMBER 2018 | BUSINESS ELITE CANADA 23
