The new administration under Canadian Prime Minister Justin Trudeau’s appears to be taking a speedier approach to legalizing recreational cannabis nationwide than previously thought.
The country’s minister of public safety told the Canadian broadcaster, CBC that officials will soon create a task force of reps from the federal, provincial and municipal governments to discuss legalization.
A detailed announcement is expected in the next few weeks.
A research analyst at Clarus Securities in Canada, told the firm’s clients that the comments are a sign that the government intends to move forward with the legalization of marijuana quickly.
He added that this is fantastic news for publicly traded Canadian cannabis companies.
“We believe the licensed producers will see their stock prices rise once that formal announcement occurs in the next several weeks, as the licensed producers are positioned to be the primary wholesale suppliers to a government-regulated retail network for recreational marijuana,” Atkinson said.