The Canadian Senate passed the Cannabis Act Bill C-45 by 56 votes to 30. The outlook for the cannabis market improved substantially following Canadian lawmakers vote in favor of the recreational use of marijuana.

The Canadian prime minister is poised to legalize recreational marijuana this summer. Canadians, however, have to wait almost two months before they can buy marijuana from markets.  This is due to some amendments senators want the House of Common’s to make before sending the bill to Royal Assent for final approval.

Bill C-45 Passed: It’s Huge for the Cannabis Industry

The legalization of recreational cannabis could turn out to be a significant milestone for a booming industry – which could also provoke other G7 countries to change their sentiments for recreational cannabis markets.

Analysts now see massive room for growth for cannabis companies.

Canada’s Parliamentary Budget Officer (PBO) expects annual marijuana sales to stand around CA$4.2 billion and CA$6.2 billion. Deloitte analysts, on the other hand, are more optimistic about the prospects for recreational cannabis markets in Canada. The firm expects Canadian cannabis market to achieve annual sales in the range of CA$8.7 billion.

The United States government has recently allowed states to decide on how they want to regulate cannabis markets. Several U.S. states have already legalized recreational marijuana while others are planning to take the necessary steps to develop a consensus among the parliamentarians and the general public.

Cannabis Companies Will Grow at a Robust Pace

Although several companies operating in the marijuana industry experienced substantial growth in the past couple of quarters, the pace of growth could improve further following changing sentiments for recreational markets.

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Aurora Cannabis (OTCQB:ACBFF), which is the biggest cannabis company operating in Canada and the United States, commends Canadian government on passing a historic bill. Indeed, the entire industry is parsing the legalization of recreational marijuana as they see considerable growth opportunities in the adult market.

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