While the Canadian Marijuana Index dipped slightly in March due to federal uncertainties, Canadian cannabis stocks bounced back today on the news of recreational marijuana legislation being introduced in Canada’s House of Commons this Thursday, April 13, 2017.
On Monday, April 10, the Canadian Marijuana Index increased 12.3% by market closing, logging the largest single-day increase since this past November. Three companies increased more than 20% on the day, including Emblem Corp (TSXV:EMC), The Hydropothecary Corporation (TSXV:THCX) and Emerald Health Therapeutics (TSXV:EMH), with increases of 22.4%, 22.1% and 21.4%, respectively. The Canadian Marijuana Index closed the day at an all-time high of 359.19.
According to The Globe and Mail, Canada’s legislation to legalize recreational marijuana would lay the groundwork for the country’s recreational program, but would likely need to be discussed by a committee before being considering by Parliament.
While Canada’s Task Force on Cannabis Legalization and Regulation previously issued a report on how the country should approach recreational legalization, Canada’s federal government has the final word on how recreational legalization will roll out in the country.
According to the CBC, the country plans to implement recreational legalization by July 1, 2018.