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Home 🌿 Marijuana Business News 🌿 Marijuana Stocks Slump As Canadian Court Nixes Restrictions 🌿Marijuana Stocks Slump As Canadian Court Nixes Restrictions
Canadian medical marijuana producers plunged after a federal court threw out a series of regulations that restrict the private growth and consumption of the substance.
Canopy Growth Corp., based in Smiths Falls, Ontario, plunged as much as 12 percent and was down 8.7 percent to C$2.88 at 1:50 p.m. in Toronto, the most in seven weeks and erasing gains for the year. Smaller producer Aphria Inc. sank as much as 13 percent, the most since November.
In a ruling delivered Wednesday, federal court justice Michael Phelan declared Canada’s 2013 “Marihuana for Medical Purposes Regulations” invalid, saying they violated the constitutional rights of patients who use marijuana.
The regulations were brought in by the Conservative government of former Prime Minister Stephen Harper, who placed restrictions on private growth of marijuana. Some users objected, saying the changes would force them to buy from major producers at a higher cost. The court ruled the...
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