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Cannabis Summary for Oct. 8, 2021

2021-10-08 19:11 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 4.32 to 130.62, while the CSE Composite Index lost 8.57 to 627.22. The Ontario government is mulling legislation that would permanently allow cannabis stores in the province to offer delivery and curbside pick-up services. Retailers have had this ability since April, 2020, under a temporary provision that was granted to slow the spread of COVID-19. Now, citing the popularity of the services and the continued benefits to public health, the province has unveiled a "red tape reduction package" that would (among other things) enact the provision permanently.

The industry welcomed the bill. "I am pleased that the Ontario government has now decided to make the delivery allowance permanent," stated Raj Grover, chief executive officer of High Tide Inc. (HITI: $7.46), which has 30 stores in Ontario (out of 101 nationwide). Mr. Grover said delivery services have helped retailers avoid closures while chipping away at the black market. Meanwhile, the Ontario Chamber of Commerce praised the bill for "support[ing] a more competitive Ontario" by easing regulations for the private sector.

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