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Cannabis Summary for April 5, 2021

2021-04-05 20:05 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 245.33, while the CSE Composite Index added 7.11 to 887.29. South of the border, U.S. Senate Majority Leader Chuck Schumer vowed that the Senate will work to loosen federal cannabis restrictions with or without President Joe Biden. "We will move forward," promised Mr. Schumer in an interview with Politico over the weekend. "[Mr. Biden] said he's studying the issue, so [I] obviously want to give him a little time to study it. ... But at some point we're going to move forward, period."

(The President has taken a sterner stance on cannabis reform than many other high-profile Democrats, supporting modest decriminalization rather than extensive legalization. While Mr. Schumer has suggested in past media appearances that federal lawmakers use the terms "legalization" and "decriminalization" interchangeably, reform advocates see important differences between them. For example, decriminalization removes the threat of jail time, but still allows for fines or other penalties, unlike legalization. Mr. Biden is also against legalizing recreational cannabis at the federal level -- he would simply legalize medical cannabis and then let states set their own rules -- whereas many other Democrats are pushing for nationwide medical and recreational legalization.)

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