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Cannabis Summary for Feb. 10, 2020

2020-02-10 19:45 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 6.84 points to 177.73 Monday, while the Canadian Securities Exchange Composite Index fell 3.91 points to 390.73. After Ontario's first year of cannabis legalization was plagued by slow store openings, the province is making an effort to be more diligent in 2020, but investors should not expect anything soon. Today, Ontario launched a "consultation process" about the possibility of allowing cannabis consumption in lounges, outdoor festivals and concerts. In an interview with BNN Bloomberg, Ontario Attorney General Doug Downey called the consultation a "listening process," clarifying that the province is not yet looking at specific policies. It is not clear how much of an affect this would have economically, but it would take another step toward normalizing marijuana in everyday life.

In company news, extraction-only Radient Technologies Inc. (RTI) fell two cents to 31 cents on 1.02 million shares after arranging a financing package for up to $15.4-million. The proceeds are broken down as: up to $10.4-million of convertible notes and up to $5-million of debentures (which have a one-year term).

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