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Cannabis Summary for June 24, 2020

2020-06-24 20:22 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broad market decline, the S&P/TSX Cannabis Index fell 3 points to 150.83 Wednesday, while the Canadian Securities Exchange Composite Index fell 6.38 points to 376.97. In the United States, a Department of Justice whistleblower testified today at the House Judiciary Committee hearing that Attorney General Bill Barr improperly went after cannabis companies because of his personal feelings about the industry. The testimony came in a hearing into Mr. Barr's actions on behalf of President Donald Trump (part of the never-ending politicking that occurs in Washington). It is no secret that the Antitrust Division of the U.S. government made it hard for cannabis-related acquisitions. The whistleblower, John Elias, says 29 per cent of the Antitrust Division's merger probes targeted the cannabis industry. (The Antitrust Division is part of the U.S. government which seeks to promote fair economic competition between businesses. If the division were to decide that a deal violates those principles, it can take legal action to try to block the deal from going forward.)

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