Canada Senate approves recreational use of marijuana

TORONTO (Reuters) – Canada’s upper house of parliament on Tuesday approved a revised bill to legalize recreational marijuana, setting the stage for the country to become the first Group of Seven nation to legalize cannabis.

The Senate voted 52-29 in favor of the revised bill from the elected House of Commons, paving the way for a fully legal cannabis market within eight to 12 weeks.

Prime Minister Justin Trudeau’s Liberals had made legalizing recreational use of marijuana part of their successful 2015 election campaign, arguing the new law would keep pot out of the hands of underage users and reduce related crime.

“It’s been too easy for our kids to get marijuana – and for criminals to reap the profits. Today, we change that. Our plan to legalize & regulate marijuana just passed the Senate,” Trudeau said in a tweet.

As the first major economy to fully legalize cannabis, Canada’s regulatory rollout will be closely watched by other nations considering the same path – and by global investors, who…