Canada becomes the first G20 country to legalize marijuana for recreational purposes

Canadian Prime Minister Justin Trudeau sips a long-awaited victory. The Senate on Tuesday approved the legalization of cannabis - with 52 votes in favour, 29 against and two abstentions. It will be from October 17 when production and consumption will be allowed in the North American country. In this way, the North American country formally becomes the first G20 country - the body that groups together the 20 largest powers on the planet - to authorize the free consumption and production of marijuana.

Canada thus ends its ban on cannabis since 1923. Medical use has been permitted since 2001. The total legalization of marijuana was part of the electoral program with which the now prime minister, the liberal Justin Trudeau, won the elections of 2015. Among his arguments in favour of the measure was the fact that, as it was left in the hands of the State, cannabis would not be available to minors and to organized crime, which is now lucrative in terms of production and sale. "It has been very easy for our children to get their hands on marijuana and for criminals to reap the benefits[derived from its commercialization]. Today we are changing that," wrote the Canadian head of government in a tweet. Ginette Petitpas Taylor, Federal Minister of Health, said it was a responsible and balanced policy.

Regulation of cannabis production applies at the federal level, but in the case of sale, state and local authorities have greater power of action over both publicly owned and privately owned establishments.

The law stipulates, among other things, that cannabis must be produced by licensed companies - many of which are already engaged in medical marijuana - and that the sale must take place in stores owned by the different provinces - in a similar case to establishments that sell alcohol. In addition, the law also states that possession may not exceed 30 grams and establishes the minimum age for purchase and consumption at 18 years of age, although some provinces have already indicated that in their territories it will be from 19 years of age, as is the case with ethylic beverages. Also, 75% of the money collected in taxes will go to the provinces and the remaining 25% will go to the federal coffers.

As the world's first major economy to fully legalize cannabis, Canada's move will likely be closely watched by other major countries now debating whether or not to act in the same direction. Also by global investors who have already invested money in Canadian companies related to the growing marijuana business. Firms such as Canopy Growth, Aphria, Horizons Marijuana Life Sciences and Aurora Cannabis have been at the center of the financial frenzy in anticipation of the legislative approval achieved this Tuesday. The initial plan of the Canadian government was for marijuana production and consumption to be fully legal in July of this year, but the new legal scheme will finally come into effect a couple of months later.

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