Last week, Germany’s upper house, the Bundesrat (made up of federal state delegates), passed legislation to legalize cannabis starting April 1, 2024, but with limitations. The move prompted several cannabis stocks to jump on the hope for additional revenue streams.
Canopy Growth Corporation (TSX: WEED) (Nasdaq: CGC) watched its stock pop by 68% on Friday, while MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) saw its stock jump 19%. IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) popped by 44% and Village Farms International Inc. (NASDAQ: VFF) stock got an 8% lift on the news on Friday.
While it doesn’t open up an adult-use market, the new law will allow adults to cultivate, possess, and keep cannabis for their consumption. Under the new legislation, adults can possess up to 25 grams (just under one ounce) of cannabis in public and up to 50 grams (just under two ounces) at home. It also permits adults to cultivate up to three…
