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Cannabis Summary for Feb. 28, 2020

2020-02-28 19:43 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index fell 3.04 points to 160.25 Friday, ending the week down 26.61 points. The Canadian Securities Exchange Composite Index gained 7.35 points to 337.35, as the index closed strong after dropping below 310 (a 52-week low) at 11 a.m. PT. Despite today's strong close, the CSE Composite Index was down 53.73 points on the week.

Canntrust Holdings Inc. (TRST) dropped seven cents to 85 cents on 1.29 million shares, touching its 52-week low of 81 cents. Canntrust's stock has lost over 85 per cent of its value (having dropped from $6.46) since July, 2019, when the company was caught illegally growing marijuana in unlicensed rooms in Ontario by Health Canada. The activity took place between October, 2018, and March, 2019, while Canntrust was applying for licences.

The embarrassing fiasco happened a few months after the cannabis industry started to decline. At the time, Canntrust was one of Canada's bigger marijuana companies (and even now it has a $120-million market capitalization). As one might expect, the debacle attracted a barrage of negative press coverage.

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