Germany announced plans to legalize cannabis on Wednesday, fulfilling Chancellor Olaf Scholz’s commitment to make the country one of the first in Europe to do so.
Karl Lauterbach, Minister of Health, presented a foundational paper on proposed legislation to regulate the restricted distribution and consumption of cannabis for recreational reasons among adults.
While Lauterbach did not give a specific timeline for the legalization process, the move would make Germany the second European Union country to legalize cannabis after Malta.
Private self-cultivation would be authorized to a limited amount, according to the paper. Ongoing investigations and criminal processes related to cases that are no longer illegal would be halted.
Acquiring and owning up to 20 to 30 grams of recreational cannabis for personal use would also be legalized.
The plans also include imposing a special consumption tax on cannabis, as well as expanding cannabis-related education and prevention efforts.
Last year, the Scholz administration agreed to introduce legislation to allow the controlled distribution of cannabis in licensed stores during its four-year tenure. Speaking then on the matter, Red White & Bloom (CSE: RWB) CEO Brad Rogers said that the American market would “take a harder look on what’s going on…in Germany.”
“I think there’s availability to take on new customers perhaps–not on an international basis, unfortunately, because it’s federally [illegal] where it is right now in America. But I think it’s an opportunity if it opens up a bit,” Rogers said in a Deep Dive interview.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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