On Wednesday, Canada became the first G7 country - and second country in the world after Uruguay - to legalize marijuana for all adults.
"What happened at the very beginning of what they did is exactly what we're doing in Canada", he said.
Not all of the details surrounding marijuana legalization in Canada have been sorted out yet, particularly when it comes to the country's relationship with the United States, where marijuana is considered a Schedule I drug, putting it in the same category as cocaine and heroin. However, the declines only brought most of the stocks to their lowest levels in a week. Marijuana stocks opened down from Tuesday's close, fell sharply in the early trading hours, and then slowly made a comeback as the day progressed.
As Canada welcomes legalization, supply shortages could develop, as happened in some US states when legalization arrived. The largest ETFs also closed down Wednesday despite the legalization.
And, of course, there were plenty of memes and jokes on social media, including many with well-known marijuana advocate Snoop Dogg, and some reading, "Congratulations drugs for winning the war on drugs".
The largest are publicly traded on the Toronto and NY stock exchanges. Trudeau believes legalizing marijuana will regulate the supply and help to keep marijuana out of the reach of children, and to keep profits away from organized worldwide crimes. Year-to-date returns are still strong for these ETFs at 11.64 percent for MJ and 17.08 percent for HMMJ.
"We hope that the most immediate impact of Canadian legalization is that it galvanizes supporters of ending prohibition in the USA and convinces members of the industry here to increase their efforts in support of reform", Morgan Fox, media relations director for the National Cannabis Industry Association, told 420 Intel in an email.
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"What changes is that now I can use it openly, without people coming and challenging my right to use it", said Peter Hasek, a music teacher who grows the plant at home and was attending an end-of-prohibition party at a downtown Toronto coffee shop. "But the key message is not how it works on the first day but that there is a first day".
It's not only dispensaries that feel shut out of the legal market, he added, as small-scale growers are still waiting for the federal government to open an application portal for micro-cultivator licences.
The Highway Loss Data Institute found collision-based insurance claims from Colorado, Nevada, Oregon and Washington rose six per cent from 2012-2017 compared to the neighbouring states - Idaho, Montana, Utah and Wyoming - where the drug remains illegal.
Shares of Canadian cannabis companies retreated on Wednesday after rallying in the run-up to legalization. "That opens up the space for countries to move forward with consumer legalization as well".
"Marijuana is illegal federally in the US, so use of, sales or production, or distribution could render someone admissible to the United States", said Charles Perry, CBP director of field operations.
Businesses in Canada will not have that problem. "I don't drink much alcohol, I don't drink coffee, I have no intention of using marijuana", Trudeau, who has admitted to smoking pot in the past, said on Wednesday. They will be able to steal more market share from those that can not keep pace.