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Marijuana companies getting ready for Canada's historical day

Posted: 7:38 PM, Oct 16, 2018
Updated: 2018-10-17 06:26:50-04

Marijuana is officially legal in Canada.

Canadian cannabis businesses are aware all eyes are on them.

“The whole world is going to be watching us here Canada to see how this works ow do the rules work,” Peter Aceto, CEO of CannTrust, a marijuana distribution and production company in Fenwick, Ontario, said.

CannTrust has a 450,000 square foot facility that produces 50,000 kg of marijuana a year. It's planning on creating another 600,000 square foot complex that will double production 100,000 kg a year.

Canada joins Uruguay as the second country to fully legalize marijuana.  

“We are just excited to be on the forefront of this and we truly see this as a global opportunity,” Aceto said.

Stocks and projections for big companies like CannTrust have grown considerably over the past year. However, Aceto said it’s unclear what the financial future of this industry holds.

“From a business perspective no one is sure how big or how fast.”

He said All the speculation will be put to rest once companies are able to see how the public reacts.

“The rules the regulations and how consumers behaving and we all react to that consumer and the consumer preferences.”

Regulations are tight, though. Laws are determined on the provincial level, so Ontario’s laws may be different from those in the nine other provinces. 

“Cannabis will be available tomorrow but only on a provisional online store,” he said.

That means Ontarians would not be able to buy pot in stores. They will have to order from government sanctioned websites.

The website  Ontario Cannabis Store can give more information on what you need to know about legal weed.

For Americans, bringing weed across the border is illegal and there could be serious consequences.

It will all play out Oct. 17th as Canadians 19 and older are able to buy MARIJUANA legally for the first time.

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