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Cannabis Summary for Oct. 22, 2019

2019-10-22 21:39 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 10.93 points to 431.65 Tuesday. Thinly traded CannAmerica Brands Corp. (CANA) rose a half cent to 4.5 cents on 63,400 shares after it announced that it sold 11,719 THC (the part of marijuana that gets you "high") gummy bag units in September, well up from its August sales of 6,369 units. The units include both three-piece and 10-piece gummy bags, but the company does not say how much they cost. That information does not seem to be available on CannAmerica's website either, but the company had total revenue for the quarter ended June 30, 2019, of just $265,550. With a 60,000-unit order from Flower One Holdings Inc. (FONE: $1.50) in July, CannAmerica shareholders will be looking for the company's revenue to spike in the quarter ended Sept. 30, 2019. The company certainly needs a boost, as its stock has dwindled all the way from a 2019 high of 88 cents to today's closing price of 4.5 cents. It needs higher revenue to improve its balance sheet, on which it had negative working capital of $3.6-million as at June 30. CannAmerica is one of many small cannabis companies that have fallen precipitously in 2019 as the market weeds out those that are not operating efficiently.

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