(Image source from: CBS News)

Canada's upper house of parliament on Tuesday approved an amended bill to legalize recreational marijuana, making the country the second to have a nationwide legal marijuana market, after Uruguay.

The law as well makes Canada the first Group of Seven nation to legalize marijuana.

In the favor of a revised bill, the Senate voted 52-59 from the elected House of Commons, paving the way for a fully legal cannabis market within 12 weeks.

Canada Prime minister Justin Trudeau Liberals had made legalizing recreational use of marijuana part of their successful election campaign 2015, arguing the new law would keep pot out of the hands of underage uses and lessen related crime.

"It's been too easy for our kids to get marijuana - and for criminals to reap the profits. Today, we change that. Our plan to legalize & regulate marijuana just passed the Senate," Trudeau said in a tweet.

As Canada's rollout being the introductory economy to fully legalize marijuana, it will be intensely watched by else nations considering the identical way, and by global investors, who have already poured billions into Canadian marijuana firms.

Canopy Growth Corp, Horizons Marijuana Life Sciences ETF, Aphria Inc, and Aurora Cannabis Inc, are the companies of Canadian marijuana that have been at the center of investor frenzy surrounding attempts to the legalization of marijuana for recreational use nationwide.

The legalization from the government's initially planned July launch has already been delayed.

While the cannabis production is regulated by the federal government, provinces and cities have more powers over retail sales either through private or government-owned stores.

"I'm feeling just great," CBC News quoted Tony Dean, who sponsored the bill in the Senate, as saying. "The end of 90 years of prohibition. Transformative social policy, I think. A brave move on the part of the government."

By Sowmya Sangam