Canadian Government Introduces Legislation To Legalize Marijuana By July 2018

Canadian Prime Minister Justin Trudeau on Thursday introduced legislation to legalize recreational marijuana, fulfilling a campaign promise. A press conference took place following the announcement and was live streamed on the Canadian Broadcasting Corp. website. During the news conference lawmakers focused on "protecting youth" and reduce organized crime. The plan is to legalize marijuana for those at least 18 years old and above by July 2018. If passed Canada would become the second country behind Uruguay to fully legalize recreational marijuana. Canadian-based Horizons Medical Marijuana Life Sciences ETF was down more than 2% on Thursday, but has gained about 8% in the last week.