Canada has voted to legalise cannabis for recreational use

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Canadian cannabis producers have been an investor favorite ahead of the country's plan to legalize recreational marijuana use, as well as some worldwide approvals of medical cannabis.

Bill C-45, known as the Cannabis Act, creates an overarching national regulatory framework and enables each province to establish its own system of licensing and regulating marijuana businesses.

The Senate approved a bill from Prime Minister Justin Trudeau's government to legalize cannabis, setting the stage for sales to begin in two to three months. The passing of Bill C-45 comes with a buffer of eight to 12 weeks to give provinces time to prepare for the transition.

Canada criminalized pot possession in 1923, but became an early adopter of medical marijuana in 2001.

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Uruguay was the first country to legalize marijuana's production, sale and consumption in December 2013.

In a historic vote on Tuesday, Parliament changed Canadian law to lift the 95-year-old prohibition on cannabis and free millions of adults to openly smoke, ingest or grow the drug without fear of a criminal record.

"It's been too easy for our kids to get marijuana-and for criminals to reap the profits", Trudeau said on Twitter.

But the celebration - led by Health Minister Ginette Petitpas Taylor, Parliamentary Secretary Bill Blair and Justice Minister Jody Wilson Raybould - was overshadowed by lingering questions about what will happen in jurisdictions like Quebec, Manitoba and Nunavut, where growing weed in your home is expected to be against provincial or territorial law. The Canadian government said it will soon announce the date of when cannabis will become legal, but warns it will remain illegal until then.

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Nine U.S. states have legalised it for recreational use and 29 have allowed it for medicinal purposes. Marijuana will also not be sold in the same location as alcohol or tobacco.

Speaking today, Trudeau said: "We have been talking about this since well before we formed government". "Our plan to legalise [and] regulate marijuana just passed the Senate".

"The impact is we're going to have all those involved in illegal marijuana peddling right now becoming large corporations and making a lot of money and they're going to be doing it at the expense of vulnerable people in this country", said Conservative Sen.

Worldwide drug treaties, which explicitly ban legalizing marijuana, technically prohibit Canada-and the USA -from taking these steps, reports Vox.

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The federal government set a minimum age of 18 to purchase marijuana, though some provinces have indicated they will raise the age to 19, mirroring liquor purchase laws.