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Cannabis Summary for Jan. 22, 2021

2021-01-22 20:16 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 230.13, while the CSE Composite Index added 7.61 to 838.21. Statistics Canada released its latest monthly statistics on the legal cannabis industry this morning. It reported retail sales of $261.4-million in November, 2020, up from $136.7-million in November, 2019, but a slight drop from $270.0-million in October.

This is the first monthly drop since April. Part of that is likely a calendar issue; November has fewer days than October (as does April relative to March). Rising COVID-19 cases and economic stress may also have played a role. The December statistics, which are expected to show rising sales as a result of the holiday season, should be released on Feb. 19.

Meanwhile, south of the border, a U.S. congressman has filed the first federal cannabis reform bill of 2021. The congressman is Representative Greg Steube of Florida, a Republican. He filed a measure yesterday calling for cannabis to be rescheduled to Schedule III from Schedule I of the Controlled Substances Act. The measure is identical to one that Mr. Steube introduced in 2019. Then and now, the view of cannabis reform advocates is that it does not go far enough. A rescheduling would have some benefits -- for example, it would acknowledge the medical potential of cannabis, facilitating research -- but it would not remove federal criminal penalties or allow cannabis companies to use traditional banking services. Descheduling (removing cannabis from the Controlled Substances Act list entirely) would be better at eliminating those hurdles. Ultimately, of course, reform advocates are pushing for full-scale legalization, along with measures to make up for prohibition-era punishments.

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