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Cannabis Summary for June 24, 2022

2022-06-24 19:27 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 1.55 to 45.22, while the CSE Composite Index added 1.96 to 276.41. South of the border, a U.S. cannabis banking bill is facing another setback. Pro-reform lawmakers have been trying to attach the language of the SAFE Banking Act, which would improve cannabis companies' access to financial institutions, to the America COMPETES Act, a large-scale manufacturing bill. Now members of a bicameral conference committee have stripped SAFE out of COMPETES.

The removal is no particular surprise. While the U.S. House of Representatives has cleared SAFE in various forms six times over the years, including in its version of COMPETES, the Senate -- or rather Senate Majority Leader Chuck Schumer -- has balked at taking up banking legislation without accompanying social reforms. SAFE was always at risk once the House and the Senate began negotiating a final version of COMPETES to send to the President's desk. With the August recess fast approaching, the negotiators have jettisoned SAFE in an effort to finish the final version quickly.

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