Canadian Marijuana Stocks Soar Following California Legalization
Already setting new record highs for months, shares of Canadian marijuana stocks have reached lofty new territories after California voted to legalize marijuana.
On Tuesday, while many were mulling the shocking surge to the White House by Donald Trump, the state of California passed Proposition 64, which will allow residents 21 years and older to buy and possess up to one ounce of cannabis for recreational purposes and to grow up to six marijuana plants for personal use. The new measure will create an environment for state-licensed businesses to set up retail marijuana sales. With a proposed 15 per cent sales tax, the state is expected to take in an added $1 billion in tax revenue from legalization.
“We are very excited that citizens of California voted to end the failed policy of marijuana prohibition,” said Nate Bradley, executive director of the California Cannabis Industry Association, in conversation with the...
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