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Cannabis Summary for Dec. 5, 2022

2022-12-05 20:08 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 50.43, while the CSE Composite Index added 4.75 to 307.80. Cannabis stocks edged higher on a wave of U.S. federal reform headlines. President Joe Biden signed the first stand-alone cannabis reform bill into law on Friday, if only a limited bill to expand medical research. Meanwhile, speculation is rising that the SAFE+ package -- a cannabis banking bill plus social elements such as expungements -- could see Senate action as early as this week.

SAFE passage would be "the early holiday gift that industry stakeholders have long awaited," opined the analysts at BTIG this morning. They pointed to rumours that lawmakers are aiming to include the bill within "sure-thing" annual spending bills. These would most likely be the National Defence Authorization Act (NDAA), which is in the preconference stage ahead of potential floor action this week, or the year-end omnibus federal funding package, which has a deadline of Dec. 23. The analysts at Cowen cited the same rumours and pinned the odds of SAFE passage at 75 per cent. Their counterparts at Viridian concurred that SAFE looks "highly probable."

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