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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 13.35 to 196.29, while the CSE Composite Index lost 19.40 to 789.66. The sector was not exactly flying high for 4/20. Many cannabis enthusiasts were hoping for some big news south of the border. Although U.S. Senate Majority Leader Chuck Schumer made a speech today on the Senate floor, declaring that "the time has come to end the federal prohibition on marijuana," he did not introduce legislation to make that happen, dashing expectations of how he would celebrate today's occasion. Mr. Schumer has been saying for months that he will introduce a decriminalization bill "soon" or "shortly." Today he merely found a new synonym, "the near future."
The sector found other ways to mark 4/20. Canada's High Tide Inc. (HITI), down three cents to 60 cents on 4.42 million shares, declared that it "cannot think of a better way to celebrate" than by opening a new store. Considering that High Tide has opened seven stores over the last four weeks, bringing its total across the country to 84, it is difficult to see this one as especially noteworthy, but High Tide gave itself a chuckle by pinning the precise opening time at 4:20 p.m. The new store is in Alberta. Incidentally, Alberta's cannabis regulator made some headlines recently over its own 4/20 promotional activities. It advertised 4/20 discounts on its website, in violation of its own rules. A fuss ensued (presumably from the non-advertised businesses) and the advertisements were duly scrubbed away in favour of some price-free puffery about "the cannabis industry's favourite holiday."
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