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Cannabis Summary for Dec. 11, 2019

2019-12-11 21:10 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 4.52 points to 378.74 Wednesday. Zenabis Global Inc. (ZENA) gained a cent to 19.5 cents on 2.17 million shares after appointing Kevin Coft as interim chief executive officer, effective immediately. Mr. Coft replaces Andrew Grieve, who had been CEO since Jan. 21, 2019. At that time, Zenabis was trading at $4.25. Mr. Grieve pleased shareholders when he was hired by choosing to forego an annual salary and bonus compensation; instead, he put his faith in Zenabis. He received an option to buy 725,000 shares at $4.25. Mr. Grieve would have been rewarded nicely if Zenabis had done well. When he was appointed CEO in January of this year, things were still moving along relatively smoothly for Canadian cannabis stocks. They were down from their October, 2018, highs, but investors and everyday people were still buzzing about the marijuana industry. As we know, the bubble has since burst, and cannabis stocks have gotten hammered over the last seven or eight months.

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