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Cannabis Summary for June 5, 2020

2020-06-05 21:23 ET - Market Summary

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by Stockwatch Business Reporter

Despite widespread gains in the broader market today, cannabis investors did not get to enjoy the rally. The S&P/TSX Cannabis Index slipped 1.21 points Friday, while the Canadian Securities Exchange Composite Index gained 2.34 points to 380.61. Yesterday after the market closed, Florida-based Trulieve Cannabis Corp. (TRUL: $17.50) announced that it had received licences that will allow it to grow and sell recreational cannabis in Massachusetts. With the licences, Trulieve will be able to operate an indoor cultivation facility and carry out product manufacturing (presumably meaning processing and packaging) in the state. The company will also be able to open dispensaries in Massachusetts.

With marijuana still illegal federally in the United States, it is much more arduous for companies to expand. Even in states where recreational marijuana is legal, companies cannot grow product in one state and sell it in another. (The U.S. Constitution gives the federal government control over all interstate travel and commerce, so no state law can permit transportation of cannabis outside its borders while cannabis remains illegal at the federal level.)

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