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Cannabis Summary for Feb. 20, 2020

2020-02-20 19:50 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index gained 2.48 points to 191.79 Thursday, while the Canadian Securities Exchange Composite Index dropped 3.2 points to 394.07. Patrick McCutcheon and Keith Strachan's extraction-only Medipharm Labs Corp. (LABS) gained 10 cents to $3.14 on 2.17 million shares after its subsidiary, Medipharm Labs Inc., entered a three-year agreement to supply Shoppers Drug Mart with cannabis concentrate products. (For American readers, Shoppers is a Canadian retail pharmacy chain with over 1,300 stores in Canada.)

Under the agreement, Medipharm says it will provide Shoppers with a wide range of concentrate-based cannabis products, starting with oils. The company expects to begin shipping oil products to the Canadian pharmacy chain within the next two months. The wide range of products is expected to include gel caps and topicals (body creams, foams and lotions are examples of topicals).

Shoppers Drug Mart already has plenty of supply deals with cannabis companies, including Aphria Inc. (APHA: $5.66), Aurora Cannabis Inc. (ACB: $2.23), Tilray Canada Ltd. and most recently, Organigram Holdings Inc. (OGI: $3.55).

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