Canadian MMJ Shares Rise Due to Recreational Marijuana
Shares in medicinal marijuana firm MMJ Phytotech have surged after Canada's health regulator announced a taskforce to help design a framework for recreational use of the drug.
MMJ Phyotech recently won a licence in Canada to grow marijuana for medical use.
MMJ said on Tuesday that the requirements for consumer protection and product quality control for recreational use were expected to be similar to those governing marijuana for medical use.
The recreational cannabis market in Canada is believed to be worth about $CAD5 billion ($A5.2 billion) a year.
'The company is very encouraged by Health Canada's decision to invest in the establishment of a regulated recreational marijuana market in Canada, providing citizens with a safe means to access marijuana-related products from verified suppliers,' MMJ managing director Andreas Gedeon said.
'Importantly, the legalization of the recreational market is expected to be a major value driver for MMJ and its shareholders, providing...
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