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Cannabis Summary for June 7, 2019

2019-06-07 21:09 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched up 1.25 points to 721.27 Friday. The index finished the week down 31.06 points; it has not had a positive week since the middle of April. Pax Labs Inc. has agreed to supply deals for marijuana oil with four Canadian cannabis producers. Aphria Inc. (APHA: $9.67), The Supreme Cannabis Company Inc. (FIRE: $1.74), Aurora Cannabis Inc. (ACB: $10.13) and Organigram Holdings Inc. (OGI: $9.56) will supply Pax with cannabis extracts, distillates (high-purity THC) and resin (also known as hash). Each of the companies' news releases (excluding Aurora, which did not issue a news release) were vague on details; there was no mention of when they will be ready to start selling the Pax Era vape pens and how much marijuana oil each company will be providing to Pax Labs.

Pax Labs' Pax Era vape system is a similarly slick device to the Pax-created Juul that has a dominant market share in the United States nicotine vape market. Pax Labs spun off Juul as a separate company in 2017. Tobacco giant Altria (which makes Marlboro cigarettes) made a $12.8-billion investment into Juul for a 35-per-cent position in December, 2018, which valued Juul Labs at $38-billion.

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