Canada sets October start for legal marijuana sales

TORONTO (Reuters) – Cannabis sales will become legal in Canada from October 17, Prime Minister Justin Trudeau said on Wednesday, making it the first major economy to legalize recreational use or marijuana.

Smoke rises during the annual 4/20 marijuana rally on Parliament Hill in Ottawa, Ontario, Canada, April 20, 2018. REUTERS/Chris Wattie

Canadian marijuana stocks, which have rallied in anticipation of legalization, extended gains on Wednesday after the Senate voted on Tuesday to approve adult use of cannabis. The governor general is expected to sign the bill on Thursday, the final step for it to become law.

The government previously said marijuana would become legal within eight to 12 weeks of the law being passed.

“We’ve listened to the provinces, which have been asking us for more time to implement it,” Trudeau said.

Shares of Canopy Growth Corp, Canada’s biggest marijuana producer by market value, closed up 6.7 percent C$45.36 in Toronto.

Shares of Aurora Cannabis Inc, its second biggest producer, ended up 4.7 percent at C$9.99, while Aphria Inc, the third-largest, rose 4.2 percent.

The Horizons Marijuana Life Sciences ETF ended 3.6 percent higher at C$19.64….

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