The cannabis industry is on high alert this week as the major players make major moves in an increasingly competitive market. Curaleaf has made progress towards a listing on the Toronto Stock Exchange, new legislation has been announced at both the state and national levels, and some of the biggest advocates of cannabis legalization are making their case in the halls of Congress.
Curaleaf, one of the top cannabis companies in North America, has taken the next step in its pursuit of a TSX listing. The company is working towards a listing on the Toronto Stock Exchange (TSX), with its board of directors having approved a plan of arrangement and management information circular. If the request is approved, Curaleaf would become the first Canadian marijuana company to list on the TSX, which is one of the biggest stock exchanges in the world.
Nationally, two key pieces of legislation are making waves in the cannabis space. The SAFE Banking Act of 2021, which was recently reintroduced in the House of Representatives by Congresswoman Ed Perlmutter, would create protections for banks and other financial institutions that partner with cannabis companies. The legislation would provide relief to such institutions who are otherwise forced to keep money in cash-only accounts due to the federal prohibition on marijuana.
At the state-level, the New York State Legislature just passed the Marijuana Regulation and Taxation Act which legalized adult-use cannabis. The legislation is considered a major victory for proponents of cannabis reform and will make New York the 15th state in the U.S. to legalize recreational marijuana. As part of the legislation, New York will also create its own cannabis industry, issuing new licenses for dispensaries and cultivators.
These big moves have already begun to shape the landscape of the cannabis industry in North America. With Curaleaf’s move towards a TSX listing, the SAFE Banking Act reintroduced in Congress, and the passing of the Marijuana Regulation and Taxation Act in New York, this week was certainly a huge win for cannabis advocates.