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Cannabis Summary for March 4, 2020

2020-03-04 19:10 ET - Market Summary

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by Stockwatch Business Reporter

Amidst an extremely strong day for the broader market, the S&P/TSX Cannabis Index rose 9.40 points to 159.75 Wednesday, while the Canadian Securities Exchange Composite Index gained 12.04 points to 339.16. United States-based CBD producer Charlotte's Web Holdings Inc. (CWEB) rose 24 cents to $6.87 on 643,900 shares after announcing the results of its 2019 hemp harvest, which is what the company uses to make its CBD. Charlotte's Web grows hemp in Colorado, Oregon and Kentucky. (Hemp is from the same plant as marijuana, the cannabis plant. The difference between hemp and marijuana is that hemp contains a maximum of 0.3-per-cent THC, while marijuana contains much more.)

Charlotte's Web harvested a little over one million kilograms of hemp biomass in 2019, a 245-per-cent increase from last year. Perhaps more importantly, given that Charlotte's Web is a CBD producer, the company harvested 36,000 kg of CBD. The company expects that amount of CBD to "support growth into 2022," presumably meaning it will take at least two years to sell this much CBD.

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