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Cannabis Summary for Jan. 16, 2020

2020-01-16 19:24 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index fell 0.7 point to 437.64 Thursday. Cannabis 2.0 products were available on the Ontario Cannabis Store's (OCS) website for the first time. An OCS spokesperson told BNN Bloomberg that over 2,000 people placed orders within the first hour that the products became available for sale. Soft-chew products, such as gummies, reportedly sold out within the first 30 minutes. As a result of high demand, the OCS website crashed several times.

Late after the market closed yesterday, National Access Cannabis Corp. (META: $0.295, doing business as Meta Growth) announced that it had cancelled a deal to sell its medical cannabis clinics division to Evergreen Pacific Insurance Corp. Under the terms of the agreement, Meta Growth would have received $4-million from the sale, all in cash. Meta Growth's chief executive officer, Mark Goliger, said the company is "committed to finding the right home" for the clinics division (that home no doubt being one that includes a buyer willing to write a large enough cheque). He says he remains confident that a deal will get done. On Nov. 1, when the deal was announced, Mr. Goliger explained his belief that the Canadian retail market (dispensaries) is the most lucrative aspect of recreational cannabis. The company's plan, then, was to use the $4-million in proceeds in part to "buildout" recreational cannabis stores, which is presumably company speak for "open more dispensaries."

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