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Cannabis Summary for June 9, 2021

2021-06-09 20:17 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 4.66 to 230.03, while the CSE Composite Index lost 3.32 to 785.26. South of the border, the National Football League has announced that it will provide $1-million (U.S.) to support research into cannabis and pain management. "There is a need for better information, better science," said Dr. Allen Sills, the NFL's chief medical officer. The league expects to award up to five grants to medical researchers by November.

While $1-million (U.S.) may look good in a press release, it barely scratches the surface of the lost earnings of NFL players who have been suspended or fined over cannabis consumption. The league has drawn heavy criticism over the years for its strict cannabis policies. (Prominent examples include Randy Gregory, who was drafted in 2015 and then missed 30 out of 32 games in 2016 and 2017 because of cannabis-related suspensions. Meanwhile, also in 2015, a different player received a two-game suspension after beating his fiancee unconscious in an elevator.) Critics also argue that the cannabis ban risks pushing players toward highly addictive opioids to manage pain. A 2011 Washington University study found that nearly three-quarters of retired NFL players who used prescription painkillers during their career said they were misusing the drugs. Reform advocates say cannabis is a far safer option. That the NFL finally seems willing to consider this possibility is, if nothing else, an encouraging sign.

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