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Cannabis Summary for March 3, 2020

2020-03-03 19:01 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 8.24 points to 150.35 Tuesday, while the Canadian Securities Exchange Composite Index lost 10.89 points to 327.12. Village Farms International Inc. (VFF) and Emerald Health Therapeutics Inc. (EMH), the owners of the Pure Sunfarms Corp. joint venture, have entered a settlement agreement for their dispute relating to the JV, which previously had a 50/50 ownership split. Per today's agreement, Village Farms' ownership in Pure Sunfarms will jump to 57.4 per cent.

The dispute, which stems from money that Emerald supposedly owed the JV, is significant because Pure Sunfarms has emerged as the lowest-cost marijuana grower in the industry. In fact, it earned $46.2-million on revenue of $70.6-million in the first nine months of 2019. After turning Village Farms' vegetable-growing greenhouses into marijuana-growing greenhouses, Pure Sunfarms has an all-in production cost of just 63 cents a gram.

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