Delivery delays an unfortunate side effect of high volume orders: Ontario Cannabis Store

Delivery delays an \unfortunate side effect\ of high volume orders: Ontario Cannabis Store

Canada moves to expedite pardons for minor marijuana convictions

Share Share Toronto police to Canadians: stop snitching on your neighbors about marijuana tweet share Reddit Pocket Flipboard Email Roberto Machado Noa/LightRocket via Getty Images The Toronto Police Service has a message for Canadians: Please stop narcing on your neighbors about marijuana.

With the official start of marijuana legalization in Canada on Wednesday, and retail stores opening across the country (although not in Ontario until April), the Toronto police force started a public awareness campaign to inform people that they should no longer snitch on their neighbors about marijuana use.

What could be slowing Wednesdays stock market growth is that it remains illegal under United States federal laws and investors are hesitant to dive into the industry given the regulatory risks fully. The Canadian government travel advisory website was updated Wednesday to account for the updated regulations, and they are demanding marijuana buyers and consumers legally possessing or consuming on the now-legal Canadian side to not attempt to cross the Canada-U.S. border with any amount of cannabis in any form, even if you are traveling to a U.S. state that has legalized possession of cannabis. Investors might still be concerned about the riskiness of the national legalization experiment and are waiting to see how things unfold as the smoke dissipates.

Video: Canada becomes second country to legalise recreational cannabis | Al Jazeera

Despite Canadas legalization of pot, cannabis stocks need more than a puff of smoke to stay lit

Some of that public awareness campaign took the form of a few snarky tweets, invoking truly absurd 911 calls (from people asking for directions to asking what to do with frozen meat during a power outage) alongside calls about marijuana as examples of what not to do. The tweets urged people to no longer call the police about an adult smoking a joint, your neighbours pot plants, or [s]melling weed coming from your neighbours home.

Asking for directions because youre lost is not a 911 call. Reporting an adult smoking a joint isnt either. Cannabis is no longer illegal on October 17, 2018. Consumption is allowed anywhere cigarette smoking is allowed except in a motor vehicle. Do not call police for this ^sm

Brendan Kennedy, CEO of the most talked about marijuana company Tilray  Inc (NASDAQ:TLRY), said in a CNBC interview Wednesday that the legalization is a global opportunity and we think we have a first-mover advantage. He mentioned in another Wednesday CNBC interview with Jim Cramer that there would likely be a third country to implement full legalization within the next year. If that country is the United States, that could lift much of the legal tension on the border and make Canada and the U.S. a very strong joint venture in the North American marijuana space. Tilray was amongst the loser Wednesday, closing down -6.40 percent.

Legal pot will have disastrous effects, Canadian bishops say

Asking police to call your friend because you are out of minutes is not a 911 call. Calling about your neighbours pot plants isnt either. Cannabis is no longer illegal on October 17, 2018. Up to four cannabis plants will be allowed per household. Do not call police for this ^sm

Executives from the largest cannabis industry players are also expressing concerns about shortages. CEO of Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC), Bruce Linton, confirmed in interviews that “there will be shortages due to pent-up demand for nine decades of prohibition upon legalization. Additionally, Aphria Inc (TSX:APH) warned investors that it would not have enough supply to meet consumer demands by Wednesday. While Canopy closed Wednesday down -4.38 percent, Aphria was one of the only large cannabis companies to close up Wednesday, yielding a 3.38 percent gain.

Asking what to do with your frozen meat during a power outage is not a 911 call. Smelling weed coming from your neighbours home isnt either. Cannabis is no longer illegal on October 17, 2018. Consumption is allowed for anyone 19yrs or older. Do not call police for this ^sm

Aurora Cannabis Inc. (TSX:ACB) (OTCQB:ACBFF) representatives are also excited about the moral and business opportunities that the legalization will present in Canada. They applauded the Canadian governments progressive move to fully legalize marijuana because, as said by Jonathan Zaid, Auroras Director of Advocacy and Corporate Social Responsibility, it will create meaningful change for the 500,000 Canadians who deal every day with the effects of simple possession charges. Aurora was amongst the losers Wednesday, closing down -3.42 percent.

The tweets are funny, but they also speak to the huge change that Canada has brought on. Marijuana has been illegal in Canada for generations. This has shaped peoples views in all sorts of ways, up to enabling neighbors to snitch on each other over cannabis use. Officials across Canada now have to work to change not just the laws, but also the social norms and rules at work here.

Another consideration regarding the aforementioned product shortages is that it could provide opportunities for companies that can provide enough supply to consumers. While shortages are evidence of an economic imbalance and can lead to major opportunity costs for companies and therefore stock market investors in those companies, businesses that can meet demand can become more profitable in the industry. They will be able to steal more market share from those that cannot keep pace.

Ascent industries readies for legalization in Canada as they continue Global growth

On Wednesday, more than 100 legal marijuana stores opened for business in Canada, supplied by around 120 licensed growers, according to the Associated Press. Hundreds more stores are expected to open in the years to come.

While some businesses are thriving Wednesday from the legalization, it is not high times for everyone. Legalization has led to shortages throughout Canada for both marijuana product and retail locations to provide it. While many new storefronts emerged Wednesday to sell cannabis, other retail businesses could also not open up in time for legalization day. Novia Scotia and Manitoba officials, for example, have said they likely wont have a large selection on the first day.

This will allow both Canadians and travelers to the country to legally buy marijuana for recreational use for the first time.

Unfortunately for marijuana company stockholders, the stock market reactions were instead more of an anticlimactic buzzkill. Marijuana stocks opened down from Tuesdays close, fell sharply in the early trading hours, and then slowly made a comeback as the day progressed. The Canadian Index fell -2.78 percent, the United States Index fell -0.72 percent and the overall North America Index closed down -2.00 percent Wednesday.

Theres one major exception: Ontario, Canadas most populous province and where Toronto is located, wont allow sales until April. The newly elected conservative government there said it needs more time after it replaced previous plans for government-run stores (similar to state-run liquor stores in the US) with plans for private outlets. But residents will be able to buy pot online and get it through the mail in the meantime, and grow up to four cannabis plants per residence.

Investors might have expected the stock market to get higher on this iconic day for marijuana history just like the celebratory marijuana smokers did throughout Canada. New recreational marijuana dispensaries opened their doors throughout the country, mass gatherings of stoners congregated to celebrate the legalization, and online marijuana marketplaces crashed from excessive website traffic to buy cannabis.

Video: Canada legalizes marijuana for recreational use

The beginning of sales follows the passage in June of Canadas Cannabis Act, which legalized marijuana possession, home growing, and sales for adults (18 and older). The federal government is overseeing remaining criminal sanctions (for, say, selling to minors) and the licensing of producers, while provincial governments are supervising sales, distribution, and related regulations — as such, provinces will be able to impose tougher rules, such as raising the minimum age. In Ontario, for example, the age has been set to 19.

The day we have all been waiting for is finally here. Canada has fully legalized all types of marijuana use (medical and recreational) as of Wednesday, October 17. This makes Canada only the second country in history to fully legalize adult use of recreational behind Uruguay, and it is an exciting time for marijuana companies and consumers globally.

Video: Border official: still illegal to bring pot to US

The move makes Canada the first wealthy nation and the second country in the world to legalize pot for recreational use. Only the South American country of Uruguay legalized marijuana before. (The Netherlands, despite its reputation, has not fully legalized pot.)

Marijuana is still illegal in the US at the federal level, even though nine states have legalized for recreational use at varying degrees.

It might have a more immediate effect in countries like New Zealand, where the government has promised a legalization referendum by 2020, said John Walsh, of the advocacy group Washington Office on Latin America. Mexico, the Netherlands and Italy are among other nations that have been mulling legalization. To the surprise of many familiar with Amsterdam’s marijuana cafes, Holland has only very limited legalization.

So Canadas move is drawing a lot of attention around the world. And how it all shakes out could help determine whether legalization in Canada is a sign of things to come across the globe.

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That’s all made for some envy among American cannabis entrepreneurs, including Derek Peterson, the chief executive of California-based marijuana producer Terra Tech. Peterson took out a full page ad in the Wall Street Journal this week urging President Donald Trump to help ease prohibition and eliminate hurdles for the U.S. pot industry before Canada leaves it even farther behind.

While the cannabis sector of the stock market has seen close to a 10 percent increase since the summer, it still hasnt hit the big time. Individual investors have been enthusiastic, but a related combination of wariness on the part of institutional investors and a still mixed regulatory environment has been a damper on overall success.

The stock market splits between retail investors — individuals, including ordinary people putting money into equities — and institutional investors. The latter includes mutual funds, hedge funds, pension funds, and private equity firms that have enormous amounts of money available.

Retail investors have been enthusiastic about cannabis-related stocks, most of which are listed in Canada, with a few cross-listed on U.S. exchanges. “There is an enormous amount of new retail money coming into the market,” TD Ameritrade CEO Tim Hockey told CNBC early this year. The two big drivers have been cryptocurrencies and cannabis, and millennials have been particularly eager to enter the market.

Three things to know before going to Canada for some legal weed

The excitement is a result of the interest consumers have in the products, whether for medical or recreational use — estimated to be 50 million people. “Thats a real market,” said Jon Trauben, a partner in Altitude Investment Management, which focuses on cannabis companies. “Our business case is that demand is there and customers will ultimately prefer to buy safe, tested product through legal channels.”

Cannabis companies that have gone public include penny stocks as well as shares approaching $150 for the two biggest names, Tilray of Canada and GW Pharmaceuticals, which is based in the U.K.

What Canada's marijuana legalization means for the U.S.Oct. 17, 201803:53There is increased corporate interest in cannabis companies. Bloomberg reported that spirits giant Diageo is looking to invest in Canadian firms and possibly to collaborate on cannabis-infused drinks. Beer, wine, and spirits company Constellation Brands invested $191 million last year in Canadian company Canopy Growth and added an additional $4 billion to raise its stake to 38 percent.

Canada’s federal approval has given its industry a huge advantage over its American counterpart, including unfettered access to banking and billions of dollars in investment. Canadians can even order marijuana online and have weed delivered by mail to their door.

Official: It remains illegal to bring marijuana into US

However, on the whole, institutional investment has been low. Although the upside is attractive, the regulatory and legal issues are considerable. In the U.S., marijuana is still listed as a Schedule 1 drug, which means the federal government considers it to have “no currently accepted medical use and a high potential for abuse.” Pots company includes LSD, peyote and heroin.

States that have legalized cannabis products, whether for recreational or strictly medical uses, technically are in conflict with federal law. The Rohrabacher-Blumenauer Amendment prohibits the Department of Justice from using any funding to enforce the Controlled Substance Act to prevent states from implementing their own medical cannabis laws. Congress must annually renew the provision and currently they have done so through Dec. 8.

The law doesnt prevent the Justice Department from interfering with recreational use, even if legalized by a state. Nor does it ensure that companies in the U.S. have access to basic banking and financial services, like processing credit card payments from customers or getting access to business insurance.

A change in direction by the federal government, as hinted at by the White House, could potentially turn this around and open the door for big influxes of money from institutions.

Posted in Ontario