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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 1.74 to 38.06, while the CSE Composite Index lost 7.45 to 286.24. South of the border, just 15 weeks remain until the U.S. midterm elections. Including the six-week summer recess, the countdown is firmly on for Congress to pass some sort of cannabis reform before a potential flipping of legislative power from the Democrats to the Republicans.

Skepticism remains high that U.S. Senate Majority Leader Chuck Schumer will rally enough support for the wide-ranging legalization bill that he introduced last week. Even optimists generally agree that the best to hope for is that the bill paves the way for incremental reform, such as the SAFE Banking Act, which would improve the industry's access to financial institutions. The House sponsor of SAFE, Representative Ed Perlmutter, echoed this belief in an interview today with KOA NewsRadio in Denver. "They don't have the votes to pass [Mr. Schumer's bill]," he said, " ... [but] I think the fact they've introduced something -- now we can really get to work, get the votes [on SAFE]."

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