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Cannabis Summary for Oct. 12, 2021

2021-10-12 20:15 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.56 to 129.06, while the CSE Composite Index lost 4.84 to 622.38. South of the border, two prominent U.S. senators are putting pressure on the executive branch to lift the federal cannabis ban. U.S. cannabis circles began buzzing after senators Elizabeth Warren and Cory Booker sent a letter urging the U.S. Justice Department to deschedule cannabis from the Controlled Substances Act (CSA).

The four-page letter came into the spotlight over the weekend, though it is dated Oct. 6. In it, Ms. Warren and Mr. Booker pointed out that the Department of Justice has the power to decriminalize cannabis by removing it from the CSA. This is not the same as comprehensive legalization (that is Congress's job), but would "allow states to regulate cannabis as they see fit, begin to remedy the harm caused by decades of racial disparagement in enforcement of cannabis laws, and facilitate valuable medical research," according to the senators. They concluded that "it is far past time" for "much-needed action at the federal level."

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