NEW YORK (CNNMoney) – Canada faces a final hurdle to becoming the first G7 nation to legalize recreational marijuana.
Canada's Cannabis Law was presented on Tuesday in the Canadian Senate, its last legislative stop. The law has broad public support and the support of Prime Minister Justin Trudeau.
"I think it is widely acknowledged that criminalizing cannabis has been a failure," said Senator Tony Dean of Ontario, one of the sponsors of the bill. He believes it will happen in July 2018, if not sooner.
Retailers have been preparing to start selling legal marijuana in July, so the timing could be difficult. But the recreational marijuana market in Canada is expected to mean big dollars.
According to recent estimates from Marijuana Business Daily, an industry publication, annual sales for the recreational marijuana market in Canada could range between $ 2.3 billion and $ 4.5 billion by 2021.  The Canadian market, with full federal support, will not yet exceed US revenues. UU., Where the recreational marijuana is legalized state by state.
Recreational cannabis sales are expected to total $ 7.1 billion to $ 10.3 billion in the US UU for 2021, according to Marijuana Business Daily.
These figures do not include the expected and estimated income from medical sales of marijuana in any country.
Dean believes that legal recreational sales may begin almost immediately in July, despite the short legislative window.
Unlike the legal statuses of the United States. US, which on average have taken more than a year to build its commercial and tax infrastructure, Canada will buy ld in government-supported online sales that were implemented to support the country's medical marijuana industry.
Canadians buy their pot from websites and deliver it.
Websites such as Ganja Express and Buy My Weed Online and Emerald Health Therapeutics currently offer medical marijuana consumers offering a variety of marijuana products, from traditional marijuana sold per gram, to concentrates and groceries.
Canadian growers are preparing to meet the anticipated increase in demand when recreation customers can begin to order.
are very well positioned for July, "said Nate Race, a management consultant for Premium Produce, a medical marijuana farm in British Columbia that has expanded its staff from 70 to 100, so it can increase the annual production of 14,000 pounds of marijuana at 134,000 pounds by the end of 2018.
California, where retail sales of recreational marijuana are supposed to begin in January 2018, eventually account for half of all US sales and probably would coincide with Canadian sales by themselves, according to Chris Walsh, founding editor of Marijuana Business Daily.
That's why Nick Kovacevich, CEO of Kush Bottles, based in California, manufactures vaporizing equipment, said he has no plans to doing business outside of the US
"We have a greater market opportunity here in the US. UU. ", Said.
But the unstable legal status of marijuana in the US – US federal government" In the United States, the growth of recreational marijuana is artificially hampered by the fact that that cannabis is illegal, "said Walsh, noting that it creates problems with the banks, which face restrictions against the handling of marijuana money.
" The growth we are seeing in marijuana [in the U.S.] is only part of what could be, "he said." The support of the federal government in Canada is opening many doors that are now closed in the US. "
Canada's legalization movement has already inspired a US company, the New York-based Constellation Brands alcoholic beverage company, buy a 10% stake in the Canadian company Canopy Growth Corp. for $ 190 million.
John Kagia, badyst of the cannabis industry of New Frontier Data, described the recent movement towards Canadian legalization as a "wake-up call to all investors sitting on the sidelines, that this is really going to happen"