Canada is set to be the first sovereign country to legalize marijuana nationwide.

Shark Tank's Kevin O'Leary calls it "a great experiment" that other countries are watching.

O'Leary pointed to the billions of dollars marijuana businesses are raising on the public market.

For him, the key to Canada's experiment is the government legalizing pot, regulating it, distributing it and keeping it out of the hands of criminals.

Watch More: Kevin O'Leary's full interview

This article was written by a staff member of TheStreet.

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