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Cannabis Summary for Dec. 24, 2019

2019-12-24 15:25 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 6.06 points to 372.40 Tuesday. Canadian retailer National Access Cannabis Corp. (META, doing business as Meta Growth Corp.) dropped two cents to 36 cents on 1.44 million shares. Yesterday after the market closed, the company released its fiscal 2019 results (for the year ended Aug. 31, 2019). Meta's results might have been seen by fewer investors than usual with it being released at 4 p.m. PT on Dec. 23.

The company lost $32-million on revenue of $54.1-million in fiscal 2019. Meta's revenue grew modestly in each quarter, ending the year with $17-million in fiscal Q4. While that loss looks serious, it included a loss of $16.8-million from two impairment charges. Since the start of calendar 2019, Meta Growth's stock fell from 54 cents to today's closing price of 36 cents. While that is a modest loss for a cannabis company in 2019, the stock fluctuated significantly during the year. It hit a high of $1.04 in April and then a low of 15.5 cents in November, before rallying back to the 36 cents where it closed today.

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