Once Wall Street sees the financial gains to be had (and none of the anarchy) that nationwide cannabis legalization will bring to Canada, could the U.S. push to end prohibition begin?
Well, the world now has a few extra months to speculate.
Where the expected first sales of legal recreational weed in Canada were scheduled for July of this year, on Feb. 15, Canada’s Health Minister Ginette Petitpas Taylor announced logistical problems at the provincial level, which will lead to at least a one-month delay. Canada’s House of Commons also takes their summer break on June 22 and will not come back until Sept. 17, likely creating further delays.
Could this extra time further spur financial speculation, and already begin to influence legislation?
Although the selection of anti-pot Jeff Sessions for attorney general had a chilling effect on every cannabis enthusiast’s dream of nationwide legalization (or at least removal from Schedule I), individual states such as California and Nevada didn’t bat an eyelash at putting the wheels in motion after their hard-working citizens voted for legal recreational marijuana use.
And now the time of legal cannabis in the entire country of Canada ekes ever closer, while not a whole lot of doom and gloom is expected for our neighbors to the North.
So, will the unexpected champion of nationwide legalization, decriminalization, or removal from the Schedule I banned substances list be folks in a whole other country?
Perhaps, as American investment in Canadian companies continues to swell, Wall Street might just take notice.
And Canadians must see a light at the end of our tunnel as well.
Even with a current medical marijuana industry valued at roughly $150 million USD, Canadian companies have in turn invested millions in American companies. It tells a tale of savvy Canadian business people and enlightened investors getting in on the ground floor of what they see as inevitable legalization. After all, it wouldn’t be prudent financial advice to invest billions of dollars in new deck chairs for the Titanic.
Market analysts Arcview Group estimated that sales in North America could amount to $22 billion in legal weed sales by 2021.
Couple that with rising cultural sentiment towards legalization, and you’ve got a recipe for a country ready for legalization.
A February Fox News Poll found a “record number of voters nationally favor legalization.”
Those results show 59 percent of voters support legalizing marijuana, which is an increase from Fox’s last poll in 2015 in which the news outlet clocked 51 percent of voters favoring the move.
“Thirty-two percent now oppose legalizing pot, down from a high of 49 percent in 2013,” the poll found.
And whether we like it or not, since money fuels our political system, our capitalistic democracy can be directed by the markets and not just politics.
The possibility is interesting: When the sky doesn’t fall in Canada after nationwide legalization, could it spell the end of cannabis prohibition in the United States?