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Cannabis Summary for July 10, 2020

2020-07-10 19:40 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 5.65 points to 146.22 Friday, ending the week up 3.92 points. The Canadian Securities Exchange Composite Index gained 24.24 points to 418.53, closing the week up 26.8 points. The CSE was up largely because of gains by U.S. cannabis stocks. Today's move included Trulieve Cannabis Inc. (TRUL) and Green Thumb Holdings Inc. (GTII) hitting new 52-week highs, with the gains coming as others in the industry are far from previous highs. Trulieve rose $2.67 to $19.91, Green Thumb rose $1.40 to $15.39, Curaleaf Holdings Inc. (CURA) rose 88 cents to $8.86 and Cresco Labs Inc. (CL) rose 64 cents to $6.19.

The move comes a day after a Joe Biden-Bernie Sanders joint task force announced its recommendation to decriminalize marijuana at the federal level. The task force stopped short of recommending federal recreational marijuana legalization though. Instead, it recommended legalizing medical marijuana federally and advocated a more hands-off approach where it lets states decide about recreational cannabis (so the Justice Department would not launch federal prosecutions of conduct that is legal at the state level).

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