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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index gained 1.51 points to 147.73 Monday, while the Canadian Securities Exchange Composite Index rose 16.57 points to 435.10, its highest close since January. (The largest five companies in the CSE Composite are United States-based cannabis companies.)
American cannabis stocks continued to climb after a significant jump Friday. One such company, Cresco Labs Inc. (CL), rose 82 cents to $7.01 on 2.49 million shares today after announcing it had opened its eighth dispensary in Illinois. Cresco has been focused for some time on Illinois, which is its home state.
Recreational marijuana was legalized in Illinois on Jan. 1, 2020, and, with reports of lines stretching around corners in the first week, there seemed to be enthusiasm from Illinois consumers from the start. The State recorded $39-million of recreational cannabis sales in January, followed by a slight lull from February to April. In May and June, though, Illinois had $44-million and $47-million of recreational cannabis sales respectively. Cresco notes that, while $47-million was the amount of recreational sales for June, total sales came in at around $77-million.
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