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Cannabis Summary for Feb. 27, 2020

2020-02-27 19:46 ET - Market Summary

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by Stockwatch Business Reporter

A technical glitch halted trading on the Toronto Stock Exchange and the TSX Venture Exchange today just before 11 a.m. PT. It did not resume trading today. In the partial day of trading, the S&P/TSX Cannabis Index dropped 6.38 points to 163.29 Thursday, while the Canadian Securities Exchange Composite Index sank 17.08 points to 330 as the broader market continued to decline on coronavirus fears.

In company news, Medmen Enterprises Inc. (MMEN) dropped 4.5 cents to 36 cents on 4.17 million shares on its fiscal second quarter results, which the company released after the market closed yesterday. After back to back quarters with losses of $82-million (U.S.), United States-based Medmen posted a $96.4-million (U.S.) loss in fiscal Q2 (ended Dec. 28, 2019). The company's revenue essentially remained flat: it had $44.1-million (U.S.) in Q2, compared with $43.9-million (U.S.) in Q1.

While the company's aggressive spending has been apparent for a long time, Medmen first vowed to make major changes to save money in the middle of November, about halfway through fiscal Q2. The changes included laying off 190 employees, reducing marketing and technology spending, selling non-core assets and, in turn, reducing selling, general and administrative expenses dramatically.

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