Canada braces for cannabis gold rush

Canada braces for cannabis gold rush

"We're charging $7 per gram for our most expensive strains", James said. Canopy Growth Corporation (WEED.TO) retreated as much as eight per cent to about $63 per share.

Canada has become the second country after Uruguay to legalise possession and use of recreational cannabis.

"I can't believe we did it".

Shopify, which provides the technology for numerous provincial online stores, said it had seen more than a million visitors, more than 100,000 orders, more than 100 orders per minute, "and we're just getting started", according to a tweet from Shopify executive Loren Padelford.

And with significant know-how gained since Canada's legalisation of medical marijuana in 2001, others including Aurora and Aphria are making inroads overseas as more and more foreign markets allow therapeutic cannabis use and research.

In New Brunswick, on Canada's east coast, the government's licensed cannabis stores have even put together a step-by-step guide for how to roll a ideal joint. But because the country uses US dollars, its legal marijuana sellers can not tap into USA -regulated financial systems such as USA banks or the major credit card networks, which are forbidden from handling drug money.

ASSOCIATED PRESS People legally smoke cannabis on the street in Toronto on October 17, 2018.

The products are displayed in plastic or cardboard packages behind counters.

However, many provincial governments' approval of only a small number of shops so far, and a shortage of weed supplied to these stores, means most Canadians' first toke on Wednesday will likely be of black-market pot.

About 90 minutes before the store opened, 60 or so people were lined up on the sidewalk in the heart of downtown Montreal.

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It's a different story in other provinces, where brick-and-mortar stores across the country welcomed the first buyers at the crack of midnight.

Mr Trudeau's office have said the prime minister "does not plan on purchasing or consuming cannabis once it is legalised".

The country's new federal cannabis act went into effect Wednesday, legalizing use for adults 18 or 19 and up, depending on the province. In Quebec, a newly-elected government has promised to hike it to 21.

"Don't try to bring pot over the U.S. Border", said U.S. Customs and Border Protection Champlain Port of Entry Director Steve Bronson.

A patchwork of regulations has spread in Canada as each province takes its own approach within the framework set out by the federal government.

Nine U.S. states have legalized recreational use of pot, and more than 30 have approved medical marijuana.

However, Ontarians are only now allowed to purchase weed online, after the province's Conservative government introduced legislation that would change the policies adopted by its predecessor on where weed will be sold.

"We went down the path we went down intentionally because there was pent-up demand from USA institutional investors for exposure to this industry, and I think that interest is being reflected in the stock price and those institutional investors see Tilray as a global pioneer", he said.

Becky Prete drove from Kelowna to be among the first customers at the BC Cannabis Store.

She expects to run out in few days and doesn't know when she'll get her next order in.

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