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Cannabis Summary for Jan. 2, 2020

2020-01-02 21:12 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index dropped 2.57 points to 400.85 Thursday. In the United States, the start of the new year means recreational marijuana is now legal in Illinois. According to Fox 2 Now, on the first day of legalization, Jan. 1, there was a four-hour lineup of between 700 to 1,000 people at one Illinois dispensary (run by a private company called Supply & Provisions).

Despite the excitement, Illinois-based Cresco Labs Inc. (CL) fell 43 cents to $8.50 on 693,800 shares Thursday. Cresco claims that lines began to form at its dispensaries as early as 8 p.m. on New Year's Eve and then extended throughout New Year's Day. The company served 3,145 people, selling a total of 9,258 cannabis products, on New Year's Day at its five Illinois dispensaries. The company reports that the "average ticket price" on New Year's Day was $135. Assuming that refers to each customer served, Cresco will have recorded about $425,000 (U.S.) in revenue from its first day of sales in Illinois. Although the company's stock dropped, its move from $6.37 on Dec. 3 to $8.93 before trading today was, in all likelihood, partly caused by anticipation of the Illinois market.

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