Cannabis Summary for Jan. 22, 2021
2021-01-22 20:16 ET - Market Summary
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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost a fraction to 230.13, while the CSE Composite Index added 7.61 to 838.21. Statistics Canada released its latest monthly statistics on the legal cannabis industry this morning. It reported retail sales of $261.4-million in November, 2020, up from $136.7-million in November, 2019, but a slight drop from $270.0-million in October.
This is the first monthly drop since April. Part of that is likely a calendar issue; November has fewer days than October (as does April relative to March). Rising COVID-19 cases and economic stress may also have played a role. The December statistics, which are expected to show rising sales as a result of the holiday season, should be released on Feb. 19.
Meanwhile, south of the border, a U.S. congressman has filed the first federal cannabis reform bill of 2021. The congressman is Representative Greg Steube of Florida, a Republican. He filed a measure yesterday calling for cannabis to be rescheduled to Sc