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Cannabis Summary for March 16, 2020

2020-03-16 18:41 ET - Market Summary

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by Stockwatch Business Reporter

As the broader stock market continues to get pummelled, the S&P/TSX Cannabis Index dropped 5.42 points to 104.35 Monday, while the Canadian Securities Exchange Composite Index lost 20.64 points to 231.70. While coronavirus-related fears have hammered a wide variety of stocks, including cannabis, the Globe and Mail reported that Ontario saw on-line cannabis orders increase by 80 per cent last weekend as people prepare to self-isolate. According to the Ontario Cannabis Store, some retail stores even reported an increase in sales.

At the individual level, though, cannabis companies continue to struggle. Aurora Cannabis Inc. (ACB) dropped eight cents to 99 cents on 21.88 million shares after its co-founder and former chief executive officer, Terry Booth, sold 12.16 million shares of Aurora. With Aurora's stock in full decline, Aurora and Mr. Booth announced his departure from the company on Feb. 6, officially calling it Mr. Booth's "retirement" (he is 55).

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