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Cannabis Summary for June 12, 2019

2019-06-12 21:17 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 13.42 points to 690.00 Wednesday. Nutritional High International Inc. (EAT) jumped 1.5 cents to 20.5 cents on 1.43 million shares after receiving a provisional distribution licence from the State of California for its Sacramento facility. The company will supply dispensaries in California through its Sacramento, Oakland and Chatsworth locations. Nutritional High just obtained access to the Chatsworth location (which it calls a distribution centre) last week. The company said the deal would effectively double its California distribution capacity. Along with California, Nutritional High has seed-to-sale businesses in Colorado and Oregon, and it has plans to expand its operations in Nevada, Washington and Canada.

Nutritional High lost $6.8-million on revenue of $6.06-million in the fiscal second quarter ended Jan. 31, 2019, compared with earnings of $1.11-million on revenue of $5.76-million in the quarter before. The company had a negative working capital position of $620,000 as of Jan. 31, 2019, but it did still have cash of $3.72-million. Since then, it raised $5.1-million through two concurrent private placements.

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