Mr. Speaker, the federal government has committed to introduce legislation in the spring of 2017 to effectively legalize marijuana. During the meantime, they are looking at regulations with respect to production, distribution, and retail sale and consumption of marijuana. The market is adapting to pending changes, drawing in national and international investment that is already roughly created a medical marijuana industry valued at $200 million, and one that may grow 20-fold in the next five years. To give you a clear example, Mr. Speaker, on October 6th a publicly traded marijuana company, Canopy Growth Corp., jumped to a record high, soaring as much as 17 per cent that day, and overall their shares have climbed 84 per cent this year. Clearly, marijuana is now considered by the business community as a commodity of great potential, and not an illicit drug; nothing exemplifies this more than the announcement by Shoppers Drug Mart, Canada's largest pharmacy trade, just yesterday having formally applied to be a distributor of medical marijuana.

Mr. Speaker, clearly the market is ahead of the game on this, and Canada's governments must now follow suit. The benefits to public safety and the revenue potential are simply enormous. A CIBC report earlier this year estimated the size of the national recreational cannabis market at up to $10 billion, and if properly regulated they anticipate $5 billion in new revenue from marijuana taxation. With regard to regulation, there are three main options; mail order from licensed growers, private sector storefronts based on existing dispensaries, and stores run by provincial/territorial liquor store systems. There are pros and cons to each, and I'm sure they will be discussed in this House further, but when the time comes for implementing a regulatory regime this government, and it will be this government who will have the responsibility of balancing between maximizing taxation revenues and limiting harm to the public.

In Colorado, legislation has existed since 2014. They faced an initial increase in consumption among teens and adults, then long-term stabilization with no increase from the rates prior to legalization. What's troubling, though, is while other than the initial increase, teen usage has not gone up, nor has it gone down. Mr. Speaker, at this time I would request unanimous consent to conclude my statement.

---Unanimous consent granted