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Cannabis Summary for Dec. 3, 2019

2019-12-03 21:05 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 9.08 points to 389.94 Tuesday. Canopy Growth Corp. (WEED) rose $1.08 to $25.18 on 4.48 million shares. The company, according to its website, formally entered the United States' CBD market. To start, Canopy plans to sell softgels, oil drops and topical cream products in the U.S. The hemp-derived CBD brand that Canopy will offer in the U.S. is called First & Free. The Food and Drug Administration said last week that CBD use could result in "potential liver injury." The FDA also sent warning letters to 15 companies for "illegally" selling CBD products. Companies cannot make dietary claims about the benefits of CBD. Erring on the side of caution, Canopy issued a disclaimer on its website: "These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease."

Charles Bachtell's United States-based Cresco Labs Inc. (CL) tumbled 70 cents to $6.37 on 733,100 shares after signing an equity distribution agreement with Canaccord Genuity Corp. to sell up to $55-million of Cresco shares. The $6.37 closing price is Cresco's new 2019 low. The company intends to use the proceeds (if it goes through with the financing) for working capital and to repay debt.

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