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Cannabis Summary for March 1, 2021

2021-03-01 20:31 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 10.90 to 268.50, while the CSE Composite Index added 24.86 to 963.36. On Saturday in the United States, the Virginia House and Senate approved a bill to legalize recreational cannabis, now awaiting signature by Governor Ralph Northam. Virginia will become the 16th U.S. state to allow recreational cannabis sales.

Mr. Northam is also preparing to sign a bill to allow dried flower sales under Virginia's medical cannabis program. This program is only about four months old and currently limits patients to processed, oil-derived products. These are not only more expensive than traditional flower, but are also considered less medically effective, as processing strips away hundreds of cannabinoids. The enduring popularity of flower all but ensures that retailers will enjoy a rapid sales boost when they can add it to their shelves. The medical market of Florida offers an illustration: After legalizing non-flower cannabis products in 2016, the state brought in flower sales in March, 2019, and by April, 2020, flower made up around half of the industry's revenue, where it remains today.

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