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Cannabis Summary for Jan. 17, 2020

2020-01-17 19:12 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index gained 4.92 points to 442.56 Friday, ending the week up 35.86 points in an unusually good week for cannabis stocks. The index, which fell consistently from May until the latter part of December, is back to October levels. Much of this week's gains went to Canopy Growth Corp. (WEED), which gained 90 cents to $32.57 on 5.99 million shares today despite delaying the launch of its cannabis-infused beverage line. The company had been set to release 13 different cannabis-infused beverages under its Tweed, Houseplant and Quatreau brands. Canopy received Health Canada approval to operate at its 150,000-square-foot beverage facility (in Ontario) on Nov. 22. At the time of approval, Canopy indicated that it would start shipping beverages to various provinces "within weeks." It has been eight weeks, but the company says the facility's "scaling process" is still not completed.

Canopy's chief executive officer, David Klein (who officially began as CEO on Tuesday), refrained from giving a specific release date for the delayed beverages. The company will provide more details when it releases its fiscal third quarter results (in mid-February). Canopy's fiscal 2020 ends on March 31, 2020, and the company says it expects that the delay will not have a material effect on those results.

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