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Cannabis Summary for Nov. 20, 2019

2019-11-20 20:26 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 26.9 points to 419.79 Wednesday. Many of the bigger cannabis companies, both in the United States and in Canada, enjoyed gains. Canopy Growth Corp. (WEED) gained $3.18 to $23.49, Aurora Cannabis Inc. (ACB) gained 39 cents to $3.50, Trulieve Cannabis Corp. (TRUL) gained $1.43 to $16.69 and Curaleaf Holdings Inc. (CURA) gained $1.10 to $8.40.

United States-based Curaleaf rose on its third quarter results, which it released after the market closed yesterday. Following fellow U.S. cannabis producer Trulieve's encouraging third quarter results of two days ago, Curaleaf delivered similarly encouraging numbers. At the time of writing, the company had not yet filed its results on SEDAR, so we can only go by what it included in its news release. Curaleaf's revenue rose to $73.1-million (U.S.) in Q3, up from $55.1-million (U.S.) in Q2. With improving margins, Curaleaf's adjusted EBITDA increased to $9-million (U.S.) in the third quarter from $3.3-million (U.S.) in Q2. The company revealed that it had $91.2-million (U.S.) in cash and $106-million (U.S.) in debt as of the end of the third quarter.

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