A British multinational alcoholic beverage company, is in discussions with at least three Canadian cannabis producers about producing cannabis-infused beverages, after Canada pot legalization.
Share prices for marijuana producer Canopy Growth were up 6.4% on the stock market, while Cronos Group, a medical marijuana company, jumped 5.25%. Marijuana-focused exchange-traded fund ETFMG Alternative Harvest ticked up 2.35%.
Canadian Prime Minister Justin Trudeau announced that marijuana will become legal nationwide beginning October 17, 2018.
Next to Uruguay, the move will make Canada the second country in the world to legalize cannabis nationwide for medical and recreational use. Medical marijuana has been legal in Canada since 2001.
Each Canadian province will publish its own regulations regarding cannabis sales. The new legislation will allow Canadian adults to legally possess and use up to 30 grams of dried cannabis in public spaces. In addition, the law will allow Canadian adults to grow up to four cannabis plants at home.