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Cannabis Summary for Nov. 21, 2022

2022-11-21 20:35 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 43.96, while the CSE Composite Index lost 6.83 to 269.55. South of the border, regulators in New York have approved the state's first recreational cannabis retailer licences, while also releasing draft market regulations.

The initial round of licences comes as part of New York's CAURD (conditional adult-use retail dispensary) program. This prioritizes "justice-involved" individuals -- those disproportionately affected by the war on drugs -- as well as non-profits with a record of helping those individuals. The state's Cannabis Control Board (CCB) has now approved retail licences for 28 individuals and eight non-profits, with more to come. They will be able to make the first recreational sales once the market launches later this year or next.

For non-CAURD-eligible applicants, which will have to wait until 150 CAURD licences are doled out before the CCB expands the applicant pool, today's focus was on the newly approved first draft of regulations. The 282-page package of rules covers various types of licences, from cultivation and processing to distribution and retail, along with guidelines on testing, packaging and enforcement. They will now undergo a 60-day public comment period.

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