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Cannabis Summary for Nov. 24, 2021

2021-11-24 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 3.12 to 121.81, while the CSE Composite Index added 6.46 to 587.43. In international circles, the word of the day was wunderbar. Germany's incoming three-party coalition government has unveiled an official plan to legalize recreational cannabis.

The leaders of all three parties appeared in Berlin today to announce their four-year Koalitionsvertrag (coalition agreement). Among other things, the agreement set out a commitment to "introduce the controlled distribution of cannabis to adults for recreation." With a population of 83 million, Germany is on track to become one of the largest legal cannabis markets in the world.

Tempering the enthusiasm was the lack of information on when or how this might happen. In the 177-page document, the word cannabis appeared only twice, with no reference to a timeline or the nitty-gritties of licensing. Existing medical operators might have hoped for a mention of some sort of incumbent privilege. They already went through an uphill climb after medical cannabis became legal in 2016; this took about four years to sort out, as the regulator kept going back and forth to the drawing board (at one point setting licensing requirements that were lawfully impossible to meet).

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