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Cannabis Summary for July 27, 2022

2022-07-27 20:20 ET - Market Summary

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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, U.S. senators discussed cannabis legalization for the very first time, if only in a subcommittee hearing that ended without a single action. The occurrence of the hearing is still a symbolic victory for reform advocates.

The hearing, held by a Senate judiciary subcommittee and entitled "Decriminalizing Cannabis at the Federal Level," took place yesterday afternoon. "It's clear that prohibition has not worked," declared Senator Cory Booker, chairman of the subcommittee, in his opening remarks. Mr. Booker is also a co-sponsor of Senate Majority Leader Chuck Schumer's Cannabis Administration and Opportunity Act (CAOA), which was introduced in the chamber last week and was -- as expected -- a centrepiece of yesterday's hearing.

Also as expected, the statements from subcommittee members and witnesses largely rehashed long-existing arguments for and against legalization. Topics included the medical benefits and risks of cannabis, the consequences of decades of prohibition, racial disparities in law enforcement and in the current cannabis industry, and more. On the CAOA itself, Mr. Booker said it is the "type of comprehensive solution we need when it comes to correcting our nation's broken cannabis laws." In firm disagreement was Republican Senator Tom Cotton, who said cannabis has "no medical value," is "dangerous and addictive," and would if legalized be "an enormous gift to the cartels and gangs."

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