(Newswire.net — October 21, 2018) — Following Uruguay, Canada just became the second industrialized country to legalize cannabis. In just one day, stores that sell marijuana reported weed shortages. Toronto police launched a campaign to discourage citizens to report adult marijuana users since it is now legal.
“Asking what to do with your frozen meat during the power outage is not a 9-1-1 call. Smelling weed coming from your neighbour’s home isn’t either,” Toronto police tweeted. Authorities urged citizens not to call the police since smoking weed has been legal in Canada since October 17.
The series of twitter messages by the Toronto police department amused people who were eager to shared it. “Asking police to call your friend because you’re out of minutes is not a 9-1-1 call. Calling about your neighbour’s pot plants isn’t either,” another tweet by Toronto police reads.
Now anyone can grow marijuana in their backyard so it caused mayor cannabis producer’s stock to plummet. Canopy Growth, Tilray, Cronos, and Aurora Cannabis were trading down between four and nine percent, Market Insider reports. These companies did witness a historic growth in the build-up to the change, however, and will likely bounce back as the market stabilizes Russia Today reports.
The demand for cannabis however exploded. People were waiting in lines at midnight October 17 to buy pot like any other commodity. Within the next 24 hours stores reported a dramatic shortage of marijuana products.
“I ran out at 4:20 today, believe it or not,” cannabis retailer Thomas Clarke told CBC News. “I’m a little shocked that I sold out so fast, and also very upset that I don’t have product for everybody. I’m letting down a lot of people here and I was assured that if I paid for the cannabis I would receive it,” Clarke told a Canadian News broadcaster grieving he didn’t get supplies he requested. Clarke received just CAD$10,000 of his $70,000 order from his supplier but received no explanation. However, there may be two answers: either there are no supplies left, or producers are holding off on sales deliberately in order to create shortages on the market and increase the prices.
Some analytics predict that about 15 per cent of Canadian citizens which equals to more than five million Canadians, purchased the drug in 2018. Sales forecasters expect an additional $1.1 billion in economic growth resulting in a $400 million tax windfall for the government, Russia Today reports.
Each province, however, sets its own age limits, rules and regulations. Citizens of 18 or 19 years old may purchase up to 30 grams or grow four plants at home, more if it is oil for medicinal purposes. Sales of edibles will be legalized next year.