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Cannabis Summary for March 24, 2020

2020-03-24 19:33 ET - Market Summary

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by Stockwatch Business Reporter

Amidst a broad market surge, the S&P/TSX Cannabis Index rose 8.06 points to 122.58 Tuesday, while the Canadian Securities Exchange Composite Index gained 26.1 points to 267.01. A week ago today, Canopy Growth Corp. (WEED: $19.10) announced that it would temporarily close its Tokyo Smoke and Tweed stores as a precaution with the spread of COVID-19. At the time, it seemed like that may create a domino effect where we would see a number of retailers follow Canopy and temporarily shut their doors. That has not been the case and, instead, cannabis dispensaries have been deemed "essential businesses" in many states and provinces in Canada and the United States.

Cannabis companies are allowed to continue operating in cities and states including Los Angeles, San Francisco, Nevada, Colorado, Connecticut, Florida, Illinois, New York and many more. The states and cities have varying rules; some are only allowed to sell medical cannabis and some, like Nevada, have required all sales to be completed through delivery services.

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