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Cannabis Summary for Sept. 22, 2022

2022-09-22 20:09 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.88 to 37.00, while the CSE Composite Index lost 6.17 to 261.75. After a delay of nearly a year, the government of Canada has finally launched a review of the Cannabis Act. The mandatory yet overdue review was supposed to start last October, three years after legalization.

The Cannabis Act established purchase and possession limits, safety standards for cultivation and sales, and restrictions on youth access -- all with the provision, set out clearly in Section 151, that the government carry out a review three years after enactment. Specifically, the government must review the effects of legalization on public health, youth consumption, indigenous communities and home cultivation. The act also requires a presentation of the review's findings to Parliament within 18 months.

In a joint announcement this morning, Health Minister Jean-Yves Duclos and Mental Health and Addictions Minister Carolyn Bennett formally launched the long-awaited review. They added that they will also expand its scope to include socio-economic and environmental factors, the effects of recreational legalization on the medical market, and progress in eroding the black market. "Through this useful, inclusive and evidence-driven review, we will strengthen the Act so that it meets the needs of all Canadians while continuing to displace the illicit market," declared Mr. Duclos.

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