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Cannabis Summary for Dec. 2, 2022

2022-12-02 19:17 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 3.46 to 49.98, while the CSE Composite Index added 11.21 to 303.05. South of the border, as U.S. lawmakers seemingly scramble to pass cannabis banking reform by year-end, one senator has filed a bill in anticipation of full-fledged legalization. The newly proposed PREPARE Act -- formally titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act -- would seek to set up a framework for cannabis regulations similar to those in place for alcohol.

The sponsor of the act is John Hickenlooper, a Democratic senator from Colorado. He said it is no coincidence that the timing lines up with the 10-year anniversary of when his home state legalized cannabis. He was governor at the time, and in December, 2012, he convened a task force to recommend regulations for the state-level market. His PREPARE Act would essentially recreate that task force at the federal level. "A decade after Colorado pioneered marijuana legalization," he declared in a press release, "Americans overwhelmingly support the same at the federal level. Our PREPARE Act will create a bipartisan, bicameral framework ... and will replicate [Colorado's] success nationally."

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