A huge milestone occurred on Thursday in the effort to legalize recreational marijuana in Canada. And on Friday marijuana stocks… fizzled.
On Thursday evening, the Canadian Senate voted 56-30 with one senator abstaining in favor of passing Bill C-45, which would legalize the adult use of recreational marijuana throughout Canada. However, none of the major Canadian marijuana stocks jumped significantly higher on the day after the vote — and most of them declined. This is exactly what I expected to happen, though.
While the Senate vote definitely was a major milestone, it wasn’t the finish line. Because of the more than