The Ontario Broker - April 2019 - 13

LD

TRIPS AR

D THE

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anada was the first G7
Nation to legalize marijuana
for recreational use, but it
was only the second country to do
so worldwide after Uruguay, who
legalized it back in December 2013.
Uruguay is the smallest country in
South America. It was a military
dictatorship as recently as 1984, but
since then has gone through radical
reform. As of last year, The Economist's
EIU Democracy Index ranked it
the 15th most democratic country
in the world (Canada tied for 6th
with Ireland) and most democratic
country on the continent.

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Uruguay's citizens can purchase
cannabis at select pharmacies
without a prescription. Tourists are
unable to purchase cannabis this
way, which sustains a market for
illegal sales. There are two licensed
producers who provide all of the
product to the pharmacies, which
can create supply issues. Uruguayans
also have the option of joining a
state-authorized cannabis club and
growing their own personal supply.
One issue to come out of legalization
in Uruguay is that large American
banks have closed any business
accounts related to the industry
around cannabis. As a result,
Uruguay has been looking to
Canadian financial institutions, in
the hopes that our banks would not
discriminate against the industry and
ultimately stand up to the American
banks.

13

In the time since Canada's decision,
both South Africa and the former
soviet republic of Georgia have made
cannabis legal for possession and
consumption, but not for sale.
Cannabis is either decriminalized
or remains illegal but goes
unenforced in 48 countries.
This includes Norway as of late,
who went from being among the
strictest countries on cannabis in
all of Europe, to decriminalizing all
drugs to pursue an agenda focused
on rehabilitation over prosecution.
The United States is a unique case,
with cannabis being illegal federally,
while still being legal in 10 states,
the District of Colombia and
two US territories (the Northern
Mariana Islands and Guam), with
another 14 states and the US
Virgin Islands decriminalizing the
substance.

APRIL 2019


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The Ontario Broker - April 2019

Table of Contents for the Digital Edition of The Ontario Broker - April 2019

In This Issue
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The Ontario Broker - April 2019 - In This Issue
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The Ontario Broker - April 2019 - Cover4
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