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Cannabis Summary for Oct. 15, 2021

2021-10-15 19:28 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.23 to 127.95, while the CSE Composite Index lost 7.25 to 600.25. The Canadian cannabis sector will mark an important anniversary over the weekend. This Sunday, Oct. 17, is the third birthday of the Cannabis Act, which legalized recreational cannabis in Canada. Sunday also marks the start of a mandated review of the act that the government must complete within 18 months.

Industry groups are already hard at work on their wish lists for the review. Three years in, almost no Canadian cannabis companies are turning a profit, a problem they are keen to blame on external forces rather than internal failures. The industry-led National Cannabis Working Group began its own review of the Cannabis Act a year ago, vowing to give Ottawa "thorough recommendations" to "bring necessary and meaningful change to Canada's cannabis regulatory regime." The group bemoaned a heavy "licensing and regulatory burden" and confusing restrictions on labelling and advertising. (These include, for example, a ban on "evok[ing] a positive or negative emotion or image of a way of life.")

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