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Cannabis Summary for April 19, 2021

2021-04-19 20:28 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 1.55 to 209.64, while the CSE Composite Index lost 29.56 to 789.66. South of the border, on the eve of the popular cannabis holiday 4/20, the U.S. House of Representatives has passed the SAFE Banking Act (a federal bill that will give cannabis companies access to traditional banking services). The bill appeared on Majority Leader Steny Hoyer's agenda of legislation for today. After a floor debate this afternoon, the bill passed this evening on a bipartisan vote of 321 to 101.

The bill must now be passed by the Senate and signed by the President before it can become law. Analysts give it good odds. Unlike in 2019, when the bill cleared the Democrat-controlled House but failed to advance in the Republican-controlled Senate, both chambers of Congress (plus the White House) are now held by the Democrats. The industry is optimistic that the long-awaited legislation will come into force this year.

U.S. MSO (multistate operator) Jushi Holdings Inc. (JUSH) added 49 cents to $7.64 on 626,700 shares, after arranging to enter its seventh state. It is planning to buy Nature's Remedy of Massachusetts. Nature's Remedy owns two recreational dispensaries and a 50,000-square-foot cultivation/processing facility (roughly the size of an NFL football field). The cultivation facility, located in Lakeville, is currently producing about 6,800 pounds of flower a year, but could be expanded to 11,000 by the end of this year -- with "significant opportunities to expand" even further, according to Jushi. This comment was also referring to a separate provisional cultivation licence that Nature's Remedy holds in Grafton, where (subject to regulatory approval) it may build a new facility of around 40,000 square feet.

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