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Cannabis Summary for June 7, 2021

2021-06-07 20:15 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 10.71 to 223.55, while the CSE Composite Index added a fraction to 795.63. South of the border, lawmakers in Connecticut have introduced a bill to legalize recreational cannabis. The bill clocks in at 297 pages. It also comes as the clock strikes the 11th hour, with the end of the session approaching on Wednesday and several other bits of legislation still needing approval by then, most notably the state budget. Proponents remain optimistic despite the tight timeline.

If the bill passes into law, Connecticut will join the expanding list of states where recreational cannabis is legal, following in the footsteps of various New England neighbours such as Massachusetts, New Jersey and New York. Medical cannabis has already been legal in Connecticut since 2012. A number of MSOs (multistate operators) are active in the state's medical market and, subject to the bill's passage, will be able to apply for "hybrid" medical-recreational permits starting this September. Recreational sales would likely begin in May, 2022. Current operators in Connecticut include Curaleaf Holdings Inc. (CURA), Trulieve Cannabis Corp. (TRUL) and Green Thumb Industries Inc. (GTII).

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