Canada Gdp Rebounds With Highest Growth In 2 Years
Imports from places such as the Netherlands will be allowed. Already 156 firms have applied for lucrative producer and distributor status since June, with the first two receiving licences just last week. The old system fostered only a cottage industry, with 4,200 growers licensed to produce for a maximum of two patients each. The Mounties have complained repeatedly these grow-ops were often a front for criminal organizations. The next six months are a transition period, as Health Canada phases out the old system by March 31, while encouraging medical marijuana users to register under the replacement regime and to start buying from the new factory-farms. There are currently 37,400 medical marijuana users recognized by the department, but officials project that number will swell more than 10-fold, to as many as 450,000 people, by 2024. The profit potential is enormous. A gram of dried marijuana bud on the street sells for about $10 and Health Canada projects the legal stuff will average about $7.60 next year, as producers set prices without interference from government. Chuck Rifici of Tweed Inc. has applied for a licence to produce medical weed in an abandoned Hershey chocolate factory in hard-scrabble Smiths Falls, Ont. Rifici, who is also a senior adviser to Trudeau, was cited in a Conservative cabinet minister’s news release Friday that said the Liberals plan to “push pot,” with no reference to Health Canada’s own encouragement of marijuana entrepreneurs. Rifici says he’s trying to help a struggling community by providing jobs while giving suffering patients a quality product. “There’s a real need,” he said in an interview. “You see what this medicine does to them.” Tweed Inc. proposes to produce at least 20 strains to start, and will reserve 10 per cent of production for compassionate, low-cost prescriptions for impoverished patients, he says.
Health Canada presides over birth of billion-dollar free market in marijuana
The recovery was led by the construction, manufacturing and energy sectors. Economists had expected slightly weaker GDP growth of 0.5% in July, following a 0.5% drop in the previous month and a milder 0.2% advance in May. Related The strong performance in July puts the economy on course for around 2% annualized growth in Q3, up from growth of 1.7% between April and June but still weaker than the 2.2% pace in the first quarter of this year. The Bank of Canada has forecast 3.8% growth for the third quarter. Statistics Canada said Monday construction activity increased 1.9% in July, recouping much of the 2.1% loss in the previous month, with the rebound partly due to the end of the Quebec labour dispute. Manufacturing was up 1.1% in July, following a 1% decline a month earlier, while mining, oil and gas extraction increased 1.4% after a flat reading in June. Construction also rebounded, up 1.9% from a decline of 2.1% in June. Wholesale trade, rose 1.6% in July after drop of 2.6%, appearing to benefit from more normal activity following the flood and labour disruptions, as well. Alberta registered 2.8% growth a on higher sales of building materials and supplies a and Quebec gained 1.1%. Retail trade was up 0.6% after a 1.4% drop a month earlier. aThe snappy rebound in July confirms that the economyas June swoon was driven by temporary special factors, and was not the start of new ugly trend,a said Douglas Porter, chief economist at BMO Capital Markets.
CANADA STOCKS-TSX steady; Brookfield Office gain offsets U.S. budget fears
Senate appeared confident that they would defeat Republicans’ efforts to delay “Obamacare” health reforms, which would enable them to send a “clean” funding bill back to the House of Representatives for a vote. “It’s politics impinging on capital markets, in a negative way,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management. U.S. politicians are playing to their home crowds, he added. The Toronto Stock Exchange’s S&P/TSX composite index was up 3.44 points, or 0.03 percent, at 12,847.52. In comparison, U.S. stocks were down sharply, and the TSX looked set to outperform the S&P 500 in the third quarter. The Canadian index will do better than its U.S. counterpart in the fourth quarter as well, said Cockfield, who expects the TSX to end the year at 13,500. Seven of the 10 main sectors on the index were in the red on Monday. Tracking a drop in the price of oil, shares of energy producers shed 0.8 percent. In the group, Suncor Energy Inc was down 1.2 percent at C$36.87, and Canadian Natural Resources Ltd gave back 0.6 percent to C$32.24.