Ottawa is working on the legalization of marijuana in Canada.
The Federal government says it hopes to have legislation in place to make marijuana legal in 2018.
Nelson Annable is a student at Lethbridge College and see’s investment opportunity in pharmaceuticals especially now that the Trudeau government plans to legalize marijuana.
“I’ve been investing in stocks for a while. I bought gold and airline stuff and I saw it was an industry that was growing, and I wanted to get into the pharmaceuticals anyways and I saw that being the next step in the opportunity,” said Annable.
Buying into the company, Canopy Growth Corporation a few months ago, Annable has watched his stocks value grow at a steady rate.
“It’s grown a lot, it was a drastic grow in December mostly, in April it grew a little bit as well, and it’s just been kind of steady in between, but pretty flat line. It’s just big jumps and big movement,” said Annable.ADVERTISEMENT
The government has indicated that the full legislation will be introduced come April 10, but some cities are already starting to look into plans that include the use of pot.
Meantime, with legalization set to happen sooner rather than later, the Lethbridge Chamber of Commerce is optimistic over what marijuana could mean for the local businesses community.
“As a growing community, an ag community, there is certainly opportunity there and I wouldn’t be surprised to see something come forward that way as a specialty crop,” said Karla Pyrch of the chamber.
As for Annable, he’s excited about what the future has in store for the stocks he already owns in the pharmaceutical industry.
“I think that right now being able to be worth a billion dollars as an industry, Canopy Growth at least is, being able to be worth a billion dollars without it legalized and just based on medical is an insane number and I don’t even know how much that could grow,” said Annable.
The announcement on the Cannabis industry in Canada isn’t new.
Last year, Health Minister Jane Philpott had announced during a UN general assembly that the government was planning to introduce the legislation legalizing marijuana in spring 2017.