The North American Marijuana Index rose on Monday as pot stocks gained despite further delays to Canada’s marijuana legalization efforts. Though minor, 34 amendments were proposed to the final bill, which is expected to pass the Senate on Thursday. Following that, the bill will head back to the lower chamber, where members of the House will consider the changes. With summer break approaching Prime Minister Justin Trudeau’s government is feeling a sense of urgency to follow through on promises to legalize cannabis before the fall, pushing lawmakers to stay in session until the bill passes.
The Index rose 5.57 points, or 2.18 percent, to close out the day at 260.65, with The United States Marijuana Index gaining 3.02 percent and The Canadian Marijuana Index gaining 1.02 percent.
“We will create a controlled and legalized framework for marijuana before the end of the summer,” Trudeau said in a Bloomberg Businessweek Debrief interview last week. The time frame includes up to 12 weeks of preparation before the legal market opens.
Holding up the bill are Conservative Senators concerned over a perceived lack of planning for how to deal with impaired drivers and other law enforcement issues surrounding marijuana legalization. Also on the table are amendments to ban home-grown cannabis, along with other regulatory issues that lawmakers expect will crop up over the next few years. Still, most experts expect the bill to pass, as Prime Minister Trudeau keeps the pressure on the Senate to make it happen.