Canada is putting everything in place in preparation to legalize recreational cannabis next month. However, there is still a cloud of uncertainty hovering around the legislation as several analysts have wondered what would happen to the online drug marketplaces.
Moving for Legislation
Consequent upon this, the Canadian Department of Public Safety is set to commission a research which will clear the doubts on the cryptocurrency market, that is, online marketplaces relying on the TOR browser and virtual currencies with attention on the North American country and its citizen. Based on the online-published tender notice, the study would pay attention to both buyers and sellers of cannabis on the crypto market;
“The general goal of this project is to estimate the extent to which cannabis is illicitly bought and sold by Canadians on cryptomarkets, identify trends in the buying and selling behaviours of Canadian cryptomarket users, and discuss the policy and law enforcement implications of cryptomarkets within a Canadian context following legalization.”
The study would be particularly required to estimate the volume of cannabis sold by Canadian vendors to Canadian customers last year and will also consider buyer and vendor profile.
Also, comparisons would also be made between the conventional drug distribution market and dark web drug market. The relationship between organized crime and the crypto market would be duly given requisite attention.
Cannabis Stock Shot Up
According to the European Monitoring Centre for Drugs and Drug Addiction’s report, it was stated that the country is one of the leading countries in the world with drug trades on the internet. Cannabis alone makes about 33% of all the online drug transactions, Canada is quite optimistic that this study would identify the forms and extent the legalization of recreational pot on October 17 will have especially on the crypto market.
Also, the Cannabis stock has skyrocketed surprisingly; this appears to be in connection with the proposed cannabis legislation announcement. The July listing price of US$17 has continued to rise till US$263.
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