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Cannabis Summary for June 17, 2021

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

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.81 to 207.85, while the CSE Composite Index lost 1.74 to 764.52. Today marks the 50th anniversary of former U.S. president Richard Nixon's declaration of the war on drugs. "America's public enemy No. 1 is drug abuse ... In order to fight and defeat this enemy, it is necessary to wage a new, all-out offensive," stated Mr. Nixon during a White House press conference on June 17, 1971. Fifty years on, with many states -- though not the White House itself -- finding cannabis to be more friend than foe, it is no surprise that U.S. MSOs (multistate operators) had today's date circled on their calendars.

They certainly put their friendliest faces forward. "Cresco Labs Launches Social Justice Campaign on 50th Anniversary of War on Drugs," blared the headline this morning from Cresco Labs Inc. (CL: $13.01). It promised a summer chock full of do-goodery, including petitions, donations, documentary viewings and expungement clinics (for people to get cannabis-related criminal records sealed or expunged). Ascend Wellness Holdings Inc. (AAWH.U: $10.05), while not specifically mentioning the war on drugs, chose today to announce that it is doubling its donations to Last Prisoner Project (a non-profit focusing on people in prison for cannabis offences). As well, Trulieve Cannabis Corp. (TRUL: $44.10) announced its own series of expungement clinics, although it linked them to the holiday known as Juneteenth -- still a couple of days away -- rather than the war on drugs. (Juneteenth is June 19 and marks the fulfilment of the Emancipation Proclamation to end slavery. Despite being issued in 1862, the proclamation took some time to implement across the country, finally being enforced in Texas on June 19, 1865.)

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