A healthy day of trading for Canadian cannabis stocks led the North American Marijuana Index to gain several points over Monday’s 169.07 close. The Index as a whole fared slightly well on Tuesday despite overall market losses on both sides of the border. Even with cannabis stocks in the U.S. remaining flat, the Index grew to 173.50, a gain of over two-and-a-half percent. Trading was bumpy today, with early morning turbulence giving the Index its highest peaks and valleys.
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In Ohio, more questions are being raised about the state’s medical marijuana licensing process as news emerged that one of the consultants hired to score applications had business ties with one of the applicants awarded a cultivation license.
While the initial Canadian cannabis tax framework was revealed on Nov. 10, 2017, provincial leaders and industry stakeholders renounced the proposed 50-50 split of cannabis taxes and so federal, provincial and territorial finance ministers went back to the drawing board, announcing the revised Canadian cannabis tax plan on Dec. 11.
With the Golden State poised to become the largest cannabis market in the world, California cannabis licenses are going to be a hot commodity and the rush to obtain them is already underway.