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Cannabis Summary for Sept. 24, 2021

2021-09-24 19:17 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 4.76 to 137.54, while the CSE Composite Index added 12.55 to 673.24. South of the border, the U.S. House of Representatives has passed a crucial defence spending bill that includes a cannabis banking amendment. As discussed two days ago, the House Rules Committee decided to allow the SAFE Act (which would improve cannabis companies' access to financial institutions) into the NDAA (the National Defense Authorization Act). Now the full House has passed this version of the NDAA.

The Senate remains the roadblock. Senate Majority Leader Chuck Schumer has argued in the past that the banking issue should be tackled only as part of more sweeping reform, including lifting the federal cannabis ban and expunging cannabis-related criminal records. Notably, the version of the NDAA recently released by a Senate committee does not contain SAFE. This means that the lawmakers will have to settle the matter by committee. Once the Senate formally passes its bill, negotiators from both chambers will work to resolve the differences and create one final version of the NDAA to send to the President, with or without SAFE.

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