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Cannabis Summary for Dec. 31, 2019

2019-12-31 20:44 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 15.74 points to 403.42, ending a tumultuous year on a modestly positive note. The index, a good proxy for cannabis stocks, began 2019 at 646.26. It rose to a high of 940.38 on April 22, and then the bubble popped. In the eight months since, the index has steadily declined to its year-end finish of 403.42.

In company news, 1933 Industries Inc. (TGIF) lost a cent to 21 cents on 1.67 million shares. Yesterday, after the market closed, the cannabis producer released its fiscal first quarter results (ended Oct. 31, 2019). 1933's revenue in fiscal Q1 2020 fell to $3.8-million, down from $5.2-million in Q4 2019. Despite the drop in revenue, the company lost less in fiscal Q1 than in the quarter before. 1933 reported a loss of $3.8-million in Q1, down from a loss of $5.6-million in Q4. Although the results dragged 1933's stock down slightly, the company still sits comfortably with working capital of $21.4-million as of Oct. 31.

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