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Cannabis Summary for Feb. 5, 2020

2020-02-05 19:54 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index dropped 4.57 points to 202.74 Wednesday, while the Canadian Securities Exchange Composite Index fell 7.43 points to 408.66. Illinois recorded $39-million of recreational cannabis sales in January, 2020, the state's first month of recreational legalization. Despite Illinois having declined in population in six straight years, its population of 12.66 million people still makes it the sixth most populated state in the United States. Companies that have focused on Illinois include Cresco Labs Inc. (CL: $7.54), which is based in Illinois, as well as Green Thumb Industries Inc. (GTII: $11.69).

In company news, 48North Cannabis Corp. (NRTH) gained half a cent to 34 cents on 441,100 shares after announcing that it would release its fiscal first quarter results for the quarter ending Dec. 31, 2019, on Feb. 21. At the bottom of today's release, 48North revealed the departure of Kevin Helfand. The company did not even identify his position (he was chief operating officer), instead just offering a vague sentence saying that he had departed. There was no thank you to Mr. Helfand or any of the almost-obligatory platitudes that usually accompany such resignations. He had been COO since September, 2017.

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