Yesterday, the Senate in Canada voted and passed the Cannabis Act which will legalize the recreational use of cannabis in the first G-7 country in the world. The Senate ended up voting 56-30 on the passing of the bill.
More specifically Bill C-45 would make it legal for adults over the age of 21 to possess and consume up to 30 grams, or 1 ounce, of dried cannabis and grow up to 4 cannabis plants within their residence. The Cannabis Act will also allow companies involved in the cultivation of industrial hemp to extract cannabinoids such as Cannabidiol (CBD), Cannabinol (CBN), and Cannabigerol (CBG) from the biomass produced from farming.
The senate did recommended several dozen amendments, some of which has an effect on citizens ability to grow cannabis on their private property. The amendment included the option for provinces to outlaw the growth of cannabis within a citizens home. Quebec and Manitoba have already made public statements stating that they would ban the growth of cannabis in homes within their boarders. The Cannabis Act will now need to be approved by the House of Commons in Canada due to amendments made by the Senate.
Canada is a leading example of what is in store for the cannabis and industrial hemp sector in the United States. Companies involved in the cannabinoid market in Canada are growing rapidly, some of which have grown to muti-billion dollar evaluations. As global acceptance of the value of cannabinoids grow, the economic potential for a legally viable industry rises exponentially.