The Canadian federal government has given the green light to the recreational use of marijuana nationwide.
It will announce legislation to legalize pot next month, which may then become law by July 2018.
If it passes, Canada will become the first G7 country to legalize pot nationwide
Medical marijuana suppliers have seen their share price skyrocket on the news.
"This will legalize access to cannabis, but at the same time will regulate and control access," Health Minister Jane Philpott said.
"We want to make sure the profits are kept out of the hands of criminal organizations."
The Canadian Imperial Bank of Commerce says estimated tax revenues could reach $5 billion based on the added tourism potential.
A Deloitte report also forecast as much as $22 billion could be generated around a legal cannabis industry in Canada, including the added revenue from cross-border tourism spending.
In Colorado legal weed supported an estimated 18,000 full-time jobs and brought in about $2.4 billion, a study by the Marijuana Policy Group said.
Still, it is unclear whether Americans will be allowed to cross the border and buy Canadian pot .
Scott Macdonald, a researcher at the University of Victoria’s Centre for Addictions Research of BC said sales may be restricted to Canadian residents only.
So far California, Oregon, Washington, Alaska, Colorado, Nevada, and Maine have legalized the use of recreational pot.
