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Cannabis Summary for Feb. 3, 2020

2020-02-03 20:03 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 1.27 points to 201.35 Monday, while the Canadian Securities Exchange Composite Index lost 5 points to 416.32. Scientists have discovered a new cannabis compound that has been shown to be 30 times more potent than THC, the intoxicating part of the cannabis plant. It is not clear if the newly discovered cannabinoid, named tetrahydrocannabiphorol (TCHP), will get consumers 30 times "higher," or any higher at all. The compound was discovered along with CBDP, which is described as a "cousin" of CBD.

In company news, Joseph Lusardi and Boris Jordan's Massachusetts-based Curaleaf Holdings Inc. (CURA) fell 14 cents to $9.25 on 536,000 shares despite finally closing its acquisition of the Select cannabis brand from Cura Partners Inc. The acquisition was for Cura's Select THC products (the part of marijuana that gets you "high"), not its CBD products.

When first agreed to, on May 1, 2019, the deal was valued at $1.27-billion. (It was an all-share transaction for 95.6 million shares and Curaleaf was trading at $14.90.) In the ensuing six months, cannabis stocks plunged. The CSE Composite Index, which consists largely of U.S.-based cannabis stocks, fell from 904.35 on May 1 to 421.95 on Oct. 30. (During this time, Curaleaf fell similarly: from $14.90 to $7.20.) So on Oct. 30, amidst this decline, the companies agreed to amend the terms of the deal.

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