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Cannabis Summary for Oct. 26, 2021

2021-10-26 20:34 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.24 to 128.58, while the CSE Composite Index lost 7.58 to 579.10. Canadian cannabis grower Tilray Inc. (TLRY) lost 42 cents to $13.24 on 1.31 million shares, despite hyping a new European expansion. The company boasted this morning that the Luxembourg Ministry of Health has chosen Tilray as a supplier for the country's medical cannabis program.

Luxembourg has been making headlines in cannabis circles since late last week, when it became the first country in Europe to officially legalize recreational cannabis. Tilray's agreement is unrelated to this; it is for Luxembourg's medical cannabis program, which started in February, 2019. The country has already been using Canopy Growth Corp. (WEED: $16.31) and Aurora Cannabis Inc. (ACB: $8.73) as suppliers, and is now adding Tilray. The revenue is likely minimal, as the program is fairly small. The Luxembourg Times reported in July, 2021, that the program has seen 630 patients prescribed an average of 40 grams each since its launch. (Luxembourg's population is about 640,000.)

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