>> Canada has become the second country to legalize recreational marijuana nationwide and the first G7 country to do so. The Cannabis Act passed it's last obstacle on Tuesday in a Senate vote 52 to 29. It paves the way for a fully legal cannabis market in Canada within 8 to 12 weeks.
It will allow marijuana possession, home-growing, and sales for adults. Prime minister Justin Trudeau's liberals made the legalization of marijuana a key part of their successful election bid in 2015. After the bill passed, Trudeau tweeted, it's been too easy for our kids to get marijuana and for criminals to reap the profits.
Today we changed that. Uruguay was the first country to legalize the sale of recreational cannabis in 2013. Nine US states have legalize it for recreational use and 29 have legalized it for medicinal purposes. However, Canada is the first major economy to do this nationwide. Other nations will be closely watching how Canada handles the roll out.
Global investors will keep an eye on it too. Billions have already poured into Canadian marijuana companies with names like Aurora Cannabis and Canopy Growth Corp.