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

March 27, 2017, 8:32 PM UTC
Marijuana Grow Near Albany For State's Legal Medical Marijuana Dispensaries
JOHNSTOWN, NY - AUGUST 19: Cannabis plants grow in the greenhouse at Vireo Health's medical marijuana cultivation facility, August 19, 2016 in Johnstown, New York. New York state lawmakers voted to legalize marijuana for medical use in 2014 and the law took effect in January 2016. Currently, five organizations are allowed to grow and sell the drug for medical use in the state. New York's new law only allows people with 'severe debilitating or life threatening conditions' to obtain marijuana for medical use. (Photo by Drew Angerer/Getty Images)
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.