Good news for cannabis investors everywhere! Luxembourg has joined the steadily growing list of countries that are legalizing recreational marijuana. The country's change in legislation will create another market for the cannabis industry.

The decision will hopefully encourage other European countries to soon follow suit.

Luxembourg Legalizes Recreational Cannabis

The announcement was made earlier today at a press conference held by three coalition parties in Luxembourg.

The three concerned parties are the Democratic Party, the Luxembourg Socialist Workers' Party, and The Greens. The decision makes Luxembourg the first country in the EU to fully legalize cannabis.

Rules So Far

It's early days, but the leaders confirmed certain details:

cannabis will be distributed commercially;

only residents will be able to buy it;

strong penalties will be in place for those who break any of the rules, such as selling the drug to minors or around schools;

the government policy will have addiction prevention measures included.

More discussions and decision making will happen in the coming weeks regarding the coalition agreement. An exact structure to the law still needs finalizing.

But as stated, this will make Luxembourg the first country in the EU to legalize recreational marijuana. Others, such as the Netherlands, have decriminalized it, and the UK has recently legalized medical marijuana.

>> MedMen Stock: Cannabis Company Grows Exponentially in 2018

A Petition

Earlier in 2018, a petition was set up calling for a change to the Luxembourg cannabis laws. The people asked for recreational use to be legalized and distribution through coffee shops to be allowed.

After the petition garnered enough signatures, the issue went to parliament discussion. Canada was used as an example of a broader “regulation” of cannabis.

Asia

South Korea recently changed its stance on cannabis use. The country announced it would make medical marijuana available for citizens under new legislation. In doing so, it has become the first country in East Asia to loosen its stance on the drug. Though not full legalization, it marks a significant step in the right direction for a rather strict jurisdiction.

Featured Image: Depositphotos/© Fredex

If You Liked This Article Click To Share