As of midnight last night in Newfoundland (Canada’s most eastern province) recreational marijuana become legal. At the time of writing, marijuana in Canada is now legal across all provinces. “I feel great,” said Ian Power, one of the first people to purchase the drug over the counter. Is that great about making history, or great because he’d already taken a few tokes?
Recreational Marijuana in Canada Ends “Prohibition”
An active cannabis advocate for most of his life, Power went on to say, “the prohibition has ended right now,” and “the stigma ends tonight.” As of 12.01 a.m this Wednesday morning, adults in Canda are legally allowed to purchase, carry, and even share up to 30 grams of legal marijuana in public, the amount deemed suitable for recreation use. That is, enough to get high on but not enough to start your own drug cartel.
Cheers from the jubilant public about Canada making history showed how high emotions were at the scene. They also weren’t exactly accurate since Canada is not the first country to legalize recreational marijuana. In fact, their South American neighbors Uruguay legalized the production, sale, and consumption of the plant back in 2013. Although, Canada is the first G7 nation to do so.
Canadians will also be allowed to home-grow up to four plants, as well as make edible products for personal use–bring on the hash brownies! Interestingly, consumers of recreational marijuana will need to be 18 years old or more, compared to alcohol which is still illegal before 19 years of age in some provinces.
Marijuana in Canada will not be sold in the same places as cigarettes or beer. Consumers will have to go to designated sellers that are regulated and licensed.
What’s in Store for Pot Stocks Now?
Ever since the Senate passed the bill in June of this year, investors have been clamoring to join in the green rush, throwing money at cannabis producers such as Tilray (NASDAQ:TLRY) and Canopy Growth (NYSE:CGC).
One might have thought that stock would rally upon the legalization taking effect. However, there has already been a decent amount of hype surrounding pot stocks over recent months and Tilray actually saw its stock drop slightly yesterday compared to last week. Although, it’s definitely worth keeping an eye on it as Wednesday unfolds.
It seems that pot stocks have become so inflated it’s inevitable the bubble will burst once the actual demand is established. Many analysts predict that demand will outstrip supply in the beginning, forcing “sold out” signs to go up in many points of sale. This would serve to confirm investors’ belief of massive demand and hence, massive opportunity for cannabis producers.
However, this situation is unlikely to hold. According to Motley Fool, as supply eventually catches up with and outstrips demand, pot stocks will crash down from the epic high they’ve been on.
Featured image from Shutterstock.
Bucking the overwhelming trend of men at the top, the first place on the richest people in the Netherlands list goes to a woman. Charlene de Carvalho-Heineken has a net worth estimated at $13.6 billion, placing her among the wealthiest women worldwide.
You may not know a lot about Frits Goldschmeding, but you almost certainly know about Randstad Holding, the world’s second largest staffing agency, with branches in 39 countries and over 30,000 employees.
Hans Melchers made most of his $2.7 billion fortune from HAL Trust, an international investment company based in Monaco. The 80-year old Dutch billionaire is not as clean as he would like people to see him. In fact, of the richest people in the Netherlands, he’s also one of the dirtiest.
Ralph Sonnenberg is the Executive Chairman of Hunter Douglas Group, a company that makes window coverings and architectural products. His net worth is estimated at $2.5 billion.
Unlike many of the richest people in the Netherlands, John de Mol made his name in reality TV, being the creator of some of the world’s favorite formats, such as Big Brother, Deal or No Deal, The Voice, and Fear Factor.
Kommer Damen is the owner of Damen Shipyards, the Netherlands’ biggest shipbuilder and one of the largest in Europe. The family-owned company generated sales of 
Robert Defares is the co-founder and CEO of the tech-trading firm IMC, a company with offices in Amsterdam, Zug (Switzerland), New York, Chicago, Hong Kong, Shanghai, and Sydney. He owns a 62.35% stake in IMC, and his wealth is estimated at $1.5 billion.
Wim van der Leegte has a net worth of $1.5 billion. He inherited the family business VDL Groep from his father. The company today is one of the largest family-run European car and bus manufacturers. It has 98 plants in 20 countries and over 17,000 employees.
