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Cannabis Summary for March 5, 2020

2020-03-05 19:35 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 7.61 points to 152.14 Thursday, while the Canadian Securities Exchange Composite Index fell 3.37 points to 335.79. Tyler Robson's Valens Groworks Corp. (VLNS) dropped 17 cents to $3.20 on 714,300 shares after finishing its first line of white-label cannabis-infused beverages for A1 Cannabis Company, a subsidiary of Iconic Brewing. It is worth noting that each of the drinks that Valens finished today is sold in bottles, not cans. A Yahoo Finance report from the middle of February cited a group of scientists suggesting that the liners of aluminum cans may cause THC-infused drinks to lose their potency.

Valens has an agreement to supply at least 2.5 million beverages to Iconic Brewing over the next five years. The expected sales figures from the deal were not revealed publicly. The two drinks that Valens launched for A1 Cannabis today are called Basecamp, a CBD iced tea, and Summit, a THC citrus water. (THC is the part of cannabis that gets you "high," while CBD is more frequently used for its alleged medicinal benefits.) Basecamp will be available at a few retail stores in Ontario "in the coming days," while Summit will be available in "the coming weeks." Where Summit will be sold was not made clear.

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