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Cannabis Summary for April 21, 2021

2021-04-21 20:04 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 9.67 to 205.96, while the CSE Composite Index added 26.54 to 796.80. South of the border, the White House dodged questions on whether President Joe Biden would sign a bill presented by Congress to federally legalize cannabis. (There is no such bill at present, but Senate Majority Leader Chuck Schumer has long promised to introduce one "soon." The bill would need to clear the House as well before being presented for Mr. Biden's signature.)

During a press conference yesterday, White House Press Secretary Jen Psaki said Mr. Biden supports decriminalizing cannabis, rescheduling it as a Schedule II drug, legalizing medical cannabis and letting states make their own decisions on recreational use. None of those is as far-reaching as federal legalization. Asked whether Mr. Biden would sign Mr. Schumer's federal legalization bill if it landed on his desk, Ms. Psaki ducked a direct answer. "I have just outlined what his position is, which isn't the same as [what] the House and Senate have proposed," she said. "But they have not yet passed a bill."

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