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Cannabis Summary for Nov. 15, 2019

2019-11-15 20:18 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 10 points to 405.86 Friday. Cannabis companies reporting results did not fare as well as the index, though.

In an apt ending to another bloody week for cannabis stocks, Hexo Corp. (HEXO: $2.35) admitted (after the market closed) that it had been illegally growing cannabis in Block B at its Niagara facility. The company says it discovered that it had been growing cannabis in the unlicensed Block B on July 30, 2019, at which point Hexo says it immediately shut down cultivation and notified Health Canada. Hexo says the federal regulator was satisfied with its management's corrective actions. Hexo has ceased operations at the Niagara facility, although it says it could reinstate it if demand increases. The company claims to be addressing it now so it can refute what it says is false information being circulated "to damage the reputation of the company." Hexo's $2.35 share price is down from a 52-week high of $11.29.

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