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Cannabis Summary for Oct. 17, 2019

2019-10-17 21:05 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 4.19 points to 454.36 Thursday. Agraflora Organics International Inc. (AGRA) inched up half a cent to 26.5 cents on 3.45 million shares after announcing that it has spent over $85-million on plant, property and equipment (PPE) expenditures to prepare for the legalization of edibles, extracts and topicals (more below about the timing of legalization for these products).

Agraflora has spent $16-million on its Winnipeg edibles operation and its 76 acres of land in New Brunswick. It is currently expanding its Brewhouse in Toronto, which Agraflora says will be capable of producing over 200,000 hectolitres (20 million litres) per year; Agraflora plans to spend over $20-million on that expansion. The company has also spent $30-million (U.S.) on research and development (R&D) on a hermitically sealed (an airtight seal) bottle cap. The idea with the bottle cap is for the medicinal ingredients and/or cannabinoids to be mixed into the bottled beverage immediately before consumption. Agraflora argues that this method will increase the shelf life and efficacy of the drink, compared with premixed beverages.

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