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Cannabis Summary for Aug. 13, 2019

2019-08-13 20:58 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index climbed 24.22 points Tuesday. Medipharm Labs Corp. (LABS) fell 39 cents to $6.47 on 4.52 million shares after releasing its second quarter results yesterday after the market closed. The drop was likely a result of a significant run-up before the earnings. Medipharm earned $1.96-million on revenue of $31.5-million in the second quarter of 2019. Medipharm refers to itself as an extraction-only company. Extraction is the process in which cannabis companies take the most valuable part of the cannabis plant and process it into other concentrated products. The concentrated products, which include edibles, vapes and oils, have higher margins. Medipharm processes the plant, packages the product and sells it to other companies on a white-label basis (where the product is sold under the buyer's brand name and packaging). The company has no plans to establish its own brand of concentrate products.

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