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Cannabis Summary for Jan. 27, 2022

2022-01-27 20:25 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.29 to 70.42, while the CSE Composite Index lost 12.47 to 445.33. South of the border, lawmakers in South Carolina are taking up a cannabis bill whose sponsor claims was eight years in the making. A debate on legalizing medical cannabis began in the South Carolina Senate yesterday afternoon for the very first time.

"If you pound at the door long enough ... the state Senate owes a debate," a triumphant Tom Davis, the Republican senator who has been pounding away since 2014, told the local media. He contends that his Compassionate Care Act would create one of the most restrictive medical cannabis programs in the country. This seems to be the case; among other things, the bill bans flower (allowing only oils, creams, patches and so on) and limits patients to a two-week supply at a time.

This level of restraint has not necessarily been matched by opponents of the bill. One memorable (and anonymous) political mailer in 2019 accused Mr. Davis of trying to "turn South Carolina into one big pot party," with a photoshopped image of the "party boy" carrying a large bag of cannabis while enjoying the company of scantily clad women. Separately -- and generally (though by no means always) with a little more tact -- the bill is opposed by state Attorney-General Alan Wilson, Law Enforcement Division Chief Mark Keel, South Carolina Sheriffs Association president Kevin Tolson, and several religious and conservative groups.

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