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Cannabis Summary for Jan. 27, 2020

2020-01-27 19:22 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 10.99 points to 201.74 Monday. The Canadian Securities Exchange Composite Index fell 8.74 points to 413.48. Evolve Funds Group Inc. announced today that it will terminate Evolve Marijuana Fund (SEED: $11.58) and Evolve U.S. Marijuana ETF (USMJ: $9.88) on or around March 30, 2020. The funds launched just ahead of a months-long slide in the sector. Evolve U.S. Marijuana launched on April 17, 2019, at $20.25. In the nine months since, the fund has lost over 50 per cent of its value, to $9.88. Evolve Marijuana Fund, meanwhile, launched on Jan. 28, 2019, at $23.65. It has fallen to today's closing price of $11.62.

Medipharm Labs Corp. (LABS) sunk 69 cents to $3.03 on 4.99 million shares in response to Friday's news release (after the market closed), which disclosed that it had sued a licensed producer for $9.8-million over non-payment. The lawsuit relates to a private label cannabis oil deal that was agreed to on Feb. 12, 2019. The deal was with a licensed producer that was not named in Medipharm's news release (or in its initial supply agreement with the company), but it was supposed to be for a minimum of $35-million.

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