The numbers are coming in, and they’re looking good: hundreds of jobs are being created in specific provinces in Canada as marijuana legalization approaches for the country. Why is this important for marijuana stocks?
Because if there’s one thing politicians tend to universally love regardless of political leanings, it’s job creation. Numbers like the ones coming out of Canada are likely to prompt more action on marijuana legalization, which will trickle down into marijuana stock gains.
Right now, we only have the figures on a few select provinces, but the initial marijuana job boom is likely going to create thousands of jobs across the country in the immediate aftermath of marijuana legalization. (Source: “Legalization sparks hundreds of Saskatchewan cannabis jobs,” CBC, August 1, 2018.)
And as I’ve said countless times in the past, many countries are watching Canada to see the exact effects of recreational marijuana legalization.
They’ll be looking at crime rates, tax revenue changes, medical stats…but have no doubt that they’ll be particularly focused on the job numbers.
After all, a good many politicians can make or break their careers depending on how many jobs they can bring to their constituents.
So the numbers coming out of Canada recently are going to be a massive boost to the cause of marijuana legalization across the globe.
The next thing we’ll need to be watching closely is tax revenue increases.
While not as significant as the job numbers, in my opinion, politicians also love to see their spending money increased. As such, marijuana revenue is again another key metric that will help sway more countries to accelerate their path toward legalization.
And, of course, each country that legalizes marijuana will bring about another mini-boom for pot stocks, depending on the size of the market.
European countries like Germany, the U.K., Italy, and Spain represent some of the bigger fish that marijuana bulls would love to reel in. They are, to varying degrees, rethinking their policies on marijuana.
While the U.K. is still a good ways away from recreational marijuana legalization, it did recently open itself up to explore the medical benefits of pot.
Meanwhile, I would argue that the other three countries are closer to recreational legalization, with Germany of course being the prized fish due to its size and wealth.
The U.S., meanwhile, continues its steady slog of state-by-state approval of marijuana, with years to go before we see movement on a federal level—and make no mistake about it, federal reform is coming.
So watch each Canadian marijuana success with care—they will prove invaluable in the battle for global marijuana legalization and the future of the marijuana industry.
The marijuana industry needs to create goodwill among skeptics in order to push the marijuana legalization agenda. Few things do that better than economically invigorating communities.
We’re seeing that take place right now in Canada. The more good news like this we see coming out of Canadian marijuana legalization, the more compelling the case is for pot legalization. Eventually, it will simply become too foolish to say no to pot. That’s when we’re going to see another massive boom in the marijuana industry and among pot stocks.