Two years ago Canada became the second country in the world to legalize recreational marijuana sales.
Since then, the country has also made way for the legal sales of edibles, cannabis-infused beverages, and vape pens, but the newly legal cannabis market has faced its fair share of difficulties despite initial investor frenzy surrounding marijuana stocks.
As Canada is the first major country to have fully legalized weed, governments around the world watched on with great interest these past two years as the legal pot market began to develop there, taking notes for when the time might come to allow marijuana to be sold for recreational use in their respective countries.
A pandemic sales boom
In line with public opinion, Canadian lawmakers took on legalization in late 2017, while the measure took effect on October 17, 2018, after passing both the House of Commons and the Senate.
A total of 507 producers have been granted licenses to cultivate cannabis by Health Canada during the last two years, while sales of legal marijuana products have been on the rise monthly by month. Although the newly legal weed market faced immense competition from the illicit market, the coronavirus pandemic finally managed to bridge the gap between legal and illegal weed sales earlier this year.