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Cannabis Summary for May 7, 2021

2021-05-07 20:19 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 12.50 to 204.98, while the CSE Composite Index added 5.94 to 823.81. South of the border, Alabama lawmakers have approved a bill to legalize medical cannabis and have passed it along to the governor's desk. If signed, the bill would put Alabama, with its population of nearly five million people, on the path to becoming the 39th state in the country to launch a legal medical cannabis market.

Alabama would also become one of the rare southern states to take this step. In the Deep South, the only other state with an active medical cannabis program is Louisiana. Voters in Mississippi approved the creation of such a program in November, 2020, but the proposal is currently mired in legal challenges. As for Georgia and South Carolina, neither has what cannabis advocates would consider an effective medical program, in that both states allow only CBD oil in limited medical circumstances. Neighbouring the Deep South, Arkansas and Florida have effective medical cannabis programs, but Tennessee, North Carolina and Texas are in the CBD-oil-only camp. (That Alabama may launch a medical cannabis market before Texas is already ruffling some competitive regional feathers. The Texas House passed three bills on medical cannabis legalization just last week, but they all still need Senate and gubernatorial approval.)

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