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Cannabis Summary for Nov. 28, 2022

2022-11-28 20:30 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.42 to 42.25, while the CSE Composite Index lost 2.52 to 276.99. International cannabis reform advocates took heart from a joint statement from the presidents of Colombia and Mexico, who have promised to convene (at some unspecified point) a "conference of Latin American leaders with the objective of redesigning and rethinking drug policy."

The statement came in the wake of last week's visit to Mexico by Colombian President Gustavo Petro. Both Mr. Petro and his Mexican counterpart, Andres Manuel Lopez Obrador, have expressed support in the past for drug policy reform. While their joint statement did not explicitly mention cannabis reform, it broadly referenced "the failure of the fight against drugs," suggesting that the presidents want the region to move away from the current model of criminalization.

Mexico has already made some moves toward doing just that -- but only some. Four years have passed since the Mexican Supreme Court ruled that the country's ban on cannabis possession and cultivation for personal use was unconstitutional. The court ordered lawmakers in 2018 to enact a policy change lifting the ban. After several legislative proposals failed to move forward, the court stepped in again in 2021 and decriminalized cannabis on its own. Lawmakers shifted their attention to proposals for legal, regulated sales, but these too have failed to make much progress. The delays have taken a toll on would-be operators. For example, Robert Giustra's Xebra Brands Ltd. (XBRA) peaked at 83 cents last year after winning court approval to grow cannabis for commercial purposes, but with the commercial market still mired in legislative dawdling, the stock has dwindled to today's close of 3.5 cents.

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