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Cannabis Summary for Jan. 17, 2023

2023-01-17 20:41 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 35.58, while the CSE Composite Index lost 1.09 to 201.21. South of the border, U.S. lawmakers have filed the first cannabis reform bill of the new Congress. The bill will not, however, live up to the industry's hopes of ushering in federal legalization or looser banking restrictions. Instead it is a Republican-led measure on gun rights.

Specifically, the bill would amend federal law to allow state-legal medical cannabis patients to buy and own firearms. The Bureau of Alcohol, Tobacco and Firearms (ATF) currently bans gun purchases by any "unlawful user" of cannabis, explicitly noting that cannabis "remains unlawful under federal law regardless of whether it has been legalized or decriminalized for medical or recreational purposes in the state where you reside." Critics say the ban unduly discriminates against state-legal cannabis consumers, essentially forcing them to forfeit a constitutional right, lie on their gun purchase applications (which is a felony) or obtain guns through backdoor, potentially dangerous channels.

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