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Cannabis Summary for Feb. 6, 2020

2020-02-06 19:05 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 6.12 points to 196.62 Thursday, while the Canadian Securities Exchange Composite Index dropped 2.99 points to 405.67. Aurora Cannabis Inc.'s (ACB: $2.68) co-founder and chief executive officer, Terry Booth, became the latest CEO to find himself unemployed. Aurora is officially calling it a retirement (Mr. Booth is 55). In any case, the company has appointed current executive chairman Michael Singer as interim CEO.

Behind Canopy Growth Corp.'s (WEED: $28.15) Bruce Linton, Mr. Booth was one of the most well-known figures in the industry. He started Aurora in 2013 and invested $2.5-million of his own money. His position, which he has added to modestly in the last few months, is now worth about $30-million. While the position will no doubt make for a pleasant retirement, that amount of money surely does not feel as sweet to Mr. Booth, as it was once worth about $150-million. Aurora's stock has fallen from its 52-week high of $13.67 (in March, 2019) to today's closing price of $2.68.

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