10:00:51 EDT Tue 09 Aug 2022
Enter Symbol
or Name

Login ID:

Cannabis Summary for Aug. 12, 2019

2019-08-12 21:13 ET - Market Summary

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 11.88 points to 559.60 Monday. Canntrust Holdings Inc. (TRST) plummeted $1.17 to $3.04 on 10.5 million shares after the stock skyrocketed in the last hour of trading on Friday. It gave back almost all of Friday's gains, it having opened at $2.99 on Friday. Many now believe that Friday's late increase was a result of an exchange-traded fund rebalancing. Equity Guru reported that ETFMG Alternative Harvest Fund, a cannabis ETF, performed its quarterly rebalance in the last hour of trading on Friday and significantly increased its position in Canntrust. The last hour was when Canntrust went on a tear.

As this news circulated, more bad news for Canntrust was revealed. The company's Vaughan, Ont., facility was ruled to be non-compliant by Health Canada. This is not the facility in which the illegal growing happened; that was the Pelham, Ont., facility. The Pelham facility was ruled to be non-complaint last month. Health Canada said Canntrust used rooms in the Vaughan facility for storage before receiving the regulator's approval, constructed areas without approval and has insufficient security controls at the facility, amongst other problems. Canntrust reiterated that it does not know when the Health Canada decision on its potential penalty, regarding the Pelham's facility illegal marijuana growing, will come.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2022 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.

Comments for this item are closed