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Cannabis Summary for Nov. 23, 2021

2021-11-23 20:14 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 118.69, while the CSE Composite Index added 10.55 to 580.97. Another tech giant is feeling its way into the cannabis industry. Uber, the ride-hailing and food delivery app, has formed an "innovative partnership" with Canadian cannabis grower Canopy Growth Corp. (WEED), down 11 cents to $14.72 on 3.32 million shares. Users of the Uber Eats app will now be able to order cannabis for pickup from one of Canopy's four dozen Tokyo Smoke outlets in Ontario.

The agreement represents Uber's entry into the cannabis business, a move it has been publicly mulling for several months. It patted itself on the back for attracting an "industry leader" like Tokyo Smoke. Canopy returned the praise, dubbing itself "thrilled" to be working with such a "market leader in innovation" as Uber. Canopy is the first cannabis retailer to list on the Uber app. Customers can look for its products under the new cannabis category and place their orders for pickup after about an hour.

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