Will Canada soon be a global leader in the cannabis space?

On June 21, 2018, Bill C-45, the Cannabis Act (the “Act”) was granted Royal Assent, resulting in the official passing of the legislation for legalizing cannabis in Canada. The Act is expected to be in force as of October 17, 2018. The Canadian government’s recent decision to legalize recreational marijuana may significantly impact capital markets and M&A deals. The decision to legalize recreational marijuana at the federal level is unique to Canada, compared to other jurisdictions like the U.S. where it remains illegal federally and is currently regulated by states (such as Colorado, California and Washington). While the state model in the U.S. has experienced some early success, the prohibition at the federal level makes operational realities (e.g., banking, transportation) more difficult. Canada’s legal framework may therefore open the doors to greater foreign investment, particularly for those seeking to gain a…

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