Canadian Prime Minister Justin Trudeau introduced legislation to legalize recreational marijuana throughout the country, which plans to be in effect on Canada Day (July 1) 2018. Now, many experts have predictions for the Canadian marijuana economy as a result of the cannabis industry becoming legal. Even though the industry is expected to be worth $22.6 billion a year, the federal government is mainly focused on taking the drug out of the hands of children and getting rid of the unregulated black market.
California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.
While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.