Thursday could be a big day for cannabis investors. A critical vote is going to take place in the Senate that could bring marijuana legislation one big step forward. The Senate has been reviewing Bill C-45 and after making more than 40 changes to it, is finally ready to vote on it.
However, even if things go smoothly in the Senate, because of the changes made the bill will have to be sent back to the House of Commons for approval of the modifications. At this point it’s fair to say that marijuana legalization is inevitable, and it’s just a question of how much haggling we’ll see over terminology and the semantics of the bill before it gets passed.
Marijuana legalization was a big campaign promise for Justin Trudeau and the Liberals, and although provinces may not be ready for its sales come July 1, we could see the bill be approved by then.
Once it has been approved by both the Senate and the House of Commons, then the provinces can start preparing for the sale of marijuana, which is estimated could take as long as three months, but some will certainly be ready sooner than others.
As a result, we could see pot stocks like Canopy Growth Corp (TSX:WEED)(NYSE:CGC) and Aurora Cannabis Inc (TSX:ACB) see their shares prices take off once the industry formally gets the green light.
It’s been a day that cannabis investors have long been waiting for, and a good result today could set the stage for one last approval before we’re off to the races.
