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Canadian Marijuana Stocks Soar After Reports That Justin Trudeau Plans to Legalize Weed

Marijuana Grow Near Albany For State's Legal Medical Marijuana DispensariesMarijuana Grow Near Albany For State's Legal Medical Marijuana Dispensaries
Oh wow, these returns are amazing...Photo by Drew Angerer—Getty Images

Canadian marijuana stocks were on a high Monday, amid reports that the government planned to legalize the drug for recreational use by July 1, 2018.

Shares of Canopy Growth Corp. were up 11% in trading, Aurora Cannabis rose 10%, Aphria rose 7.9%, SupremePharma jumped 6%, OrganiGram holdings also rose 10%, while Emblem Corp rose 6%.

According to the CBC, Prime Minister Justin Trudeau’s government is expected to announce the legislation in the week of April 10.

The minimum age limit for purchasing marijuana will be 18, though individual provinces may choose to set the bar even higher, if they wish, CBC reported. The provincial governments will also be able to set the price of the drug, as well as deciding how it will be sold.